Nova revises statement: Job cuts will be reviewed, aren't canceled

03/5/2009 | Reuters

Canadian chemical giant Nova Chemicals said on Thursday that, contrary to statements the company made earlier, it has not formally canceled plans to lay off as many as 400 workers in the wake of a takeover by International Petroleum Investment of Abu Dhabi, United Arab Emirates. Company officials said a large number of the cuts would instead be reviewed in light of the $500 million deal.

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