Categories Earnings, Health Care, U.S. Markets News

Chevron Phillips Chemical is looking to acquire Nova Chemicals

Chevron Phillips Chemical Company, a joint venture between Chevron Corp. (NYSE: CVX) and Phillips 66 (NYSE: PSX) is reportedly looking to acquire Canadian plastics maker Nova Chemicals Corp. for over $15 billion, including debt. The news was reported by Reuters and has not yet been officially confirmed.

Nova Chemicals was acquired 10 years ago by Abu Dhabi’s International Petroleum Investment Co., which later merged with Mubadala Investment Co. Mubadala has reportedly been looking to sell Nova for the past couple of months but there is no guarantee it will accept Chevron Phillips’ offer.

The acquisition would be beneficial to Chevron Phillips in expanding its scale and footprint. However none of the companies involved have offered any comment on the matter.  

For the first quarter of 2019, Nova reported revenues of $943 million, down 16% year-over-year. The company generated net profits of $59 million versus a net loss of $555 million in the year-ago quarter.

Chevron’s stock has gained 15% thus far this year while the shares of Phillips 66 have climbed 6% year-to-date. Chevron’s stock was up over 1% in morning hours on Friday while Phillips’ shares were down 0.90%.

We’re on Apple News! Follow us to receive the latest stock market, earnings and financial news at your fingertips.

Most Popular

Key highlights from Adobe (ADBE) Q2 2021 earnings results

Adobe Systems Incorporated (NASDAQ: ADBE) reported second quarter 2021 earnings results today. Total revenue grew 23% year-over-year to $3.84 billion. GAAP net income was $1.11 billion, or $2.32 per share,

Three factors that bode well for Delta Air Lines (DAL) going forward

Shares of Delta Air Lines Inc. (NYSE: DAL) have gained 45% over the past 12 months and 11% since the beginning of this year. After a particularly distressful period, like

KR Earnings: All you need to know about Kroger Q1 2021 earnings results

The Kroger Co. (NYSE: KR) reported first-quarter 2021 earnings results today. Total company sales were $41.3 billion compared to $41.5 billion in the same period last year. Excluding fuel, sales

Add Comment
Viewing Highlight