Content area
Full text
INEOS GROUP Holdings has won the race to buy Innovene - BP's olefins, derivatives and refining subsidiary - for $9bn, creating a new company with sales of more than $30bn.
The deal is expected to complete in the first quarter of 2007 and will transform Ineos. The firm, which has a turnover of $8bn and employs 7500 people worldwide, will gain: 8000 staff; manufacturing facilities in seven countries in North America and Europe; $25bn estimated sales for 2005; $13bn of gross assets; $9.9bn of net assets; first half pre-tax profits of $0.7bn; 18m tonne of annual petrochemicals capacity; and 412 000 barrels per day of crude oil refining capacity.
Innovenes ethylene oxide (EO) business is excluded from the...