INEOS completes purchase of BP’s Innovene business for $9bn

abarrelfullabarrelfull wrote on 08 Mar 2013 19:43

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16 December 2005

Following clearance by the Federal Trade Commission and the European Commission, INEOS has successfully completed the purchase of Innovene, BP’s olefins, derivatives and refining subsidiary. The acquisition creates a combined business with a turnover of around $33bn.

The purchase of the Innovene business for $9bn fits well with the INEOS strategy to create a petrochemical company that has the scale to compete globally, supported by a sustainable cost base. The addition of the Lavéra and Grangemouth refineries also provides significant opportunities to integrate INEOS’s existing operations with upstream raw materials.

Following the completion of the deal, announced today, INEOS will begin the process of fully integrating Innovene into its organisation. The review of Innovene’s operations, products and markets, which began in October, quickly confirmed the complementary fit of the two companies, but the detailed design of the ongoing structure continues. Shortly after the completion of the deal Innovene will assume the INEOS name and be focused into product-line business entities, along similar lines to INEOS’s existing organisational model.

The sale of BP’s ethylene oxide business at Köln will proceed as a separate part of the Innovene purchase, with its own separate regulatory approval.

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