Is Chevron Phillips Chemical considering the acquisition of Nova Chemicals?

Chevron Phillips Chemical, the 50/50 JV between Chevron and Phillips 66, is reported to have made a US$15 billion bid for Nova Chemicals Corp, a Canadian petrochemicals company. With this acquisition, Chevron Phillips would become the third largest polyethylene producer in North America, after Dow Chemical. Ethane feedstock advantage makes North America an ideal location for expansion in the ethylene-polyethene sector. With up to 1.5 million tons per year of merchant ethylene possibly available after this acquisition, CPCHEM would be in a strong position to leverage ethane economics into integrated derivatives on the US Gulf Coast.