Methanex Corporation - In the News
NP says Nova reconsiders Methanex
Methanex Corporation MX
Shares issued 173,136,748 Sep 2 close $4.60
Fri 3 Sept 99 In the News
See Nova Chemicals Corp (NCX) In the News
The National Post reports in its Friday edition that Nova Chemicals Corp.,
armed with a deal to divest its interest in a major U.S.-based energy firm,
is now casting a doubtful eye on its stake in Methanex Corp., whose
operations no longer dovetail with its own, Jeff Lipton, Nova's chief
executive, said yesterday. Nova, the Calgary-based petro-chemical producer,
has no plan to sell its 27-per-cent stake in the struggling
gasoline-additive ingredient maker, but Mr. Lipton said the interest is not
considered "strategically important." He said he would wait to see if
Methanex could turn its fortunes around before making a decision on what to
do with the interest, now valued at approximately $225-million. Nova is a
producer of polyethylene, styrene and polystyrene, which are materials used
to make products like compact disc cases, milk jugs and foam coffee cups.
It is set to reap up to $645-million, most of its in cash, for its
25.4-per-cent stake in Houston-based energy services firm Dynegy Inc. Mr.
Lipton said Methanex could be set to acquire assets that would produce a
closer fit with Nova's operations, so he did not want to be in a position
of saying he wanted to sell.
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