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Abu Dhabi Weighs Options for $10 Billion Nova Business

  • Sovereign wealth fund may sell a stake in the plastics maker
  • Mubadala is working with advisers on a strategy for the firm
Residential and commercial skyscrapers stand along the coastline in Abu Dhabi, United Arab Emirates.
Photographer: Christopher Pike/Bloomberg

Abu Dhabi’s Mubadala Investment Co. is exploring options for Nova Chemicals Corp., a Canadian plastics maker that could be valued at $10 billion or more, according to people with knowledge of the situation.

The sovereign wealth fund is working with financial advisers as it weighs what to do with the asset, including selling a stake to a Canadian pension fund or another company in the industry, said the people, who asked not to be identified as the matter is private. No final decisions have been made, and Mubadala may still decide to keep its holding in Nova, they said.