Shearman & Sterling is advising Canadian company NOVA Chemicals on the sale of its stake in the joint venture company INEOS NOVA to INEOS Group, United Kingdom. Prior to this transaction, NOVA Chemicals and INEOS were each holding a 50-percent stake in the joint venture. Upon completion of the transaction, INEOS is going to take over all of NOVA Chemical’s shares, thus becoming sole owner. The closing of the transaction is subject to a variety of regulatory approvals and is expected to occur in the first quarter of 2011.

NOVA Chemicals is a Canadian chemicals group specializing in plastics, with an annual revenue of more than $4 billion (2009). In 2009, International Petroleum Investment Company (IPIC), Abu Dhabi, acquired 100 percent in NOVA Chemicals.

INEOS NOVA is a global manufacturer of styrene and styrenic polymers, with an annual revenue of $2.1 billion (2009), approximately 1,170 employees and a total of 11 manufacturing plants worldwide.

Shearman & Sterling has been advising IPIC with regard to its stake in NOVA Chemicals since 2009.

NOVA Chemicals was advised by the following Shearman & Sterling attorneys: partners Georg F. Thoma, Martin Neuhaus (both Düsseldorf-M&A) and Ben Shorten (London-Finance) as well as associates Natalie Daghles (Düsseldorf-M&A) and Robin Bayley (London-Finance).