​Chevron Phillips seeks to buy Mubadala-owned Nova Chemicals: Reuters

​Chevron Phillips Chemical Co, a joint venture of Chevron Corp and Phillips 66, has offered to acquire Nova Chemicals Corp, a Calgary-based maker of chemicals and plastic resins, Reuters reported, citing sources.

The proposed purchase price is more than US$15 billion, including debt, the report said.

Mubadala Investment Co, Abu Dhabi’s sovereign wealth fund, owns Nova. Another Abu Dhabi affiliate acquired the company in 2009 for US$500 million.

Mubadala has recently been exploring a full or partial sale of Nova, the report said.

Based in The Woodlands, Texas, Chevron Phillips is a petrochemicals producer.