Abu Dhabi's IPIC still on lookout to acquire a major European petrochemical firm but less aggressively than in 2009

LOS ANGELES , April 8, 2010 () – Abu Dhabi’s International Petroleum Investment Co. (IPIC) is still looking to acquire a major European petrochemical firm but less aggressively than in 2009, ICIS news reported Thursday.

An IPIC spokesperson told the Surrey, England-based chemical news service that the chances of an acquisition taking place in 2010 is a little less than 50%, and any purchase would be unlikely to occur before the third quarter of the year.

ICIS reported in November that IPIC's managing director, Khadem Al Qubaisi, said the company was in talks with five petrochemical firms in the U.S. and Europe. At the time, Qubaisi said the firm expected to complete a European acquisition by the first quarter of 2010.

The primary source of this article is ICIS news, Surrey, England, on April 8, 2010.

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