Nova Chemicals Corp. said it had received all regulatory approvals to become a subsidiary of the Middle East-based International Petroleum Investment Co. and expected the deal to close on or about Monday.

The final approval was received yesterday from the Canadian Minister of Industry under the Investment Canada Act.

IPIC, an investment arm of the United Arab Emirates government and based in Abu Dhabi, is buying Nova in a deal valued at $2.3 billion.

Nova, which manufactures plastics and chemicals and had sales of $7.4 billion last year, maintains most of its operations in Canada but moved its executive offices to Moon in 2000.

Nova shareholders will receive $6 per common share in the transaction that was announced in February when Nova, faced with mounting debt, appeared to be on the brink of bankruptcy.

Nova shareholders approved the deal on April 14. Part of the deal includes IPIC providing Nova with a $250 million credit backstop.

Nova has about 2,700 employees worldwide, including about 250 at the Moon executive center and about 275 at a plant in Potter, Beaver County.

IPIC was created in 1984 by the UAE government to invest in oil, gas and petrochemical industries outside of Abu Dhabi.

Nova officials have said they believed that IPIC would allow it to operate as an independent subsidiary and keep its executive offices in Moon.