Chemical reaction

11 December 2005 By Fiona Maharg-Bravo

James Ratcliffe, a chemicals entrepreneur, has just bought BP s petrochemicals and refining business for $9bn. He has built an empire through a series of megaacquisitions entirely funded by debt. That way, he has kept control of his company.

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Ineos, a private chemicals company, has bought BP's petrochemicals and refining arm Innovene for $9bn (E7.6bn). The group will have combined sales of $30bn (E25bn), and ebitda of E2bn, making the expanded Ineos group the world's fourth largest independent petrochemicals company.

Ineos is raising E9bn of debt to pay for the acquisition and refinance existing debt.

Ineos is run by James Ratcliffe, its biggest shareholder with a 57% stake. In 1998, Ratcliffe led the buyout team that acquired the Ineos Group from Inspec for £84m. The company has grown through various acquisitions from BP, Degussa, ICI and Dow Chemicals among others.

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