Oil giant BP Plc's Innovene petrochemicals business, to be acquired by Ineos, has filed with U.S. regulators to withdraw its plans for an initial public offering (IPO). BP had been planning an IPO of Innovene that would have valued the company at $6 - $7 billion, but decided to sell the business.
Privately owned British chemicals company INEOS had announced that it was buying Innovene for US$9 billion in one of the world's biggest leveraged buyouts. The acquisition of Innovene will quadruple turnover at INEOS and make it one of the top four petrochemical companies in the world, along with Dow Chemical Co. and DuPont in the United States and BASF in Germany.
20-Oct-05 
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