British chemicals group Ineos Enterprises Ltd. has concluded its second Norwegian acquisition within one month, buying Borealis AS' petrochemical unit for about US$391 mln. The Borealis facilities covered by the sale include a 195,000 tpa polypropylene unit, a 157,000 tpa low-density polyethylene unit, and a 50% stake in a 62,400 tpa gas cracker. The agreement is subject to approval from the European Union (EU) and other regulatory authorities, and completion is expected in Q3-2007.
In the second half of May, Ineos had announced an agreement to buy Norsk Hydro ASA's petrochemicals group Kerling ASA for US$905 mln. The two acquisitions will enhance operational efficiencies and substantially improve Ineos' position in the olefins and polyolefins market.
07-Jun-07 
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