Chevron Phillips Chemical to acquire Nova Chemicals for over $15bn.

Chevron Phillips Chemical Company, a joint venture between Chevron and Phillips 66 is said to acquire Nova Chemicals, a manufacturer of plastics and chemicals for more than $15bn including debt. Chevron Phillips Chemical, one of the world's top petrochemical producers, would gain scale and expand its footprint through the acquisition of Nova Chemicals, whose expandable polystyrene and resins are used in a range of industries, from construction to packaging. Abu Dhabi's sovereign wealth fund Mubadala Investment Co, the owner of Nova Chemicals, has been exploring a sale of the Canadian plastics maker since the start of the year, and there is no certainty that it will accept the offer from ​Chevron Phillips Chemical.