Chevron Phillips Chemical to acquire Nova Chemicals Corporation in a $15 bn deal

June 21, 2019

Advancement in technology has resulted in huge impacts on the environment. Some of the impacts are positive while others are severely negative. Some of the products that have affected the environment negatively are plastic. However, undeterred by the new push for a war on plastics, joint venture Chevron Phillips Chemical Company LP has proposed a bid for Nova Chemicals Corp for $15 billion. The news was published by Reuters on June 20. Nova Chemicals Corporation is owned by United Arabs Emirate’s state-owned Abu Dhabi’s Mubadala Investment Co. The plastics manufacturer is located in Canada and registered annual sales of $3.8 billion as of 2017. The company manufactures polyethylene, ethylene, chemical co-products, expandable polystyrene. Nova’s expendable polystyrene segment (EPS) mainly features in the manufacture of plastic cups and containers. That makes the company a target to environmental activists that have singled out disposable foodservice items as a hazard to the environment. According to Reuters, Mubadala Investment Co has always been actively searching for a buyer since the start of the year.

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Uralkali

Uralkali is one of the world’s leading producers of potash fertiliser and one of Russia’s largest chemical companies. "We produce potash fertilisers to ensure people all over the world are provided with food, and to support the growth of our Company and the welfare of our employees and local communities, through efficient and responsible development of unique potash deposits."

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Uralkali

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