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In its press release, Borealis AG has announced it has reached an agreement with NOVA Chemicals Corporation on buying the latter’s 50% interest in Novealis Holdings LLC. Novealis, the joint venture between affiliates of Borealis and NOVA Chemicals formed in 2018, entered into a 50/50 partnership with Total SA to launch Bayport Polymers LLC (“Baystar”) in Houston, Texas.
The parties expect to close the deal in H1 2020. The acquisition is subject to customary regulatory approvals and other conditions excluding financing ones.