These box office numbers do not include the cost of production or marketing costs. They also don't count the billions in merchandising that Disney has made over the last...Entertainmentread more
Instagram began tests that hide "like" counts on posts. That means influencers who market products on Instagram will have to rely on different metrics to show success.Technologyread more
Peter Neupert worked for Microsoft and Amazon-backed Drugstore.com, where he got to know Jeff Bezos. He now advises start-ups.Technologyread more
Last week shows that oil prices are not the indicator for Middle East tensions they once were, and worries about global demand and growing U.S. production has changed that...Market Insiderread more
Facebook Vice President David Marcus is the face of the company's Libra digital currency, but the original driving force was a 26-year-old female corporate-development...Technologyread more
The firing of the tear gas was the latest confrontation between police and protesters who have taken to the streets for over a month to fight a proposed extradition bill and...China Politicsread more
Amazon's new policy for account suspensions doesn't go far enough to protect sellers from potentially unfair and wrongful suspensions, merchants say.Technologyread more
There is no end in sight to the Boeing 737 Max grounding after two fatal crashes, prompting airlines to rethink their growth plans.Airlinesread more
After a year of flooding, Midwest farmers face a stifling heat wave that's spreading across the U.S.Weather & Natural Disastersread more
Gluskin Sheff's David Rosenberg is painting a painful picture for stocks as earnings season goes into full gear.Futures Nowread more
Rossello is facing public furor over an obscenity-laced online chat that showed the governor and his close advisers insulting women and mocking constituents, including victims...Politicsread more
(Adds background on the companies)
June 20 (Reuters) - Chevron Phillips Chemical Company, a joint venture between Chevron Corp and Phillips 66 , has offered to acquire Nova Chemicals Corp for more than $15 billion including debt, people familiar with the matter said on Thursday.
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, the sources said.
Another bidder for Nova Chemicals may yet emerge, some of the sources added. Mubadala could also decide to keep a stake in Nova Chemicals in a deal, one of the sources added.
The sources asked not to be identified because the negotiations are confidential. Nova Chemicals, Mubadala, Chevron and Phillips 66 did not immediately respond to requests for comment.
Headquartered in Calgary, Nova Chemicals was founded in 1954. Over the years, it has diversified its business beyond foam packaging and insulation to foam beverage cups and containers.
Nova Chemicals reported earnings before interest, taxes, depreciation and amortization of $271 million in the first three months of 2019, down from $418 million a year earlier, according to its website.
Abu Dhabi acquired Nova Chemicals for $500 million in 2009 using its stated-owned International Petroleum Investment Co (IPIC), saving it from a financing restructuring due to its large debt. Since then, the company's business has grown rapidly, taking advantage of the shale-driven natural resources boom in North America. Two years ago, Abu Dhabi merged IPIC with Mubadala, which manages over $225 billion in assets. The emirate has looked into consolidating its holdings and retrenching from some overseas businesses.
Founded in 2000, Chevron Phillips Chemical has 31 production facilities located in the United States, Singapore, Saudi Arabia, Qatar and Belgium. It had total revenue last year of $12 billion, according to its website. (Reporting by Greg Roumeliotis and Harry Brumpton in New York Additional reporting by Saeed Azhar and Hadeel Al Sayegh in Dubai; editing by Lisa Shumaker)