Thursday, September 15, 2005
Innovene USD 1bn flotation plans could prompt Reliance bid – reports
14/09/2005
Story: Innovene, BP’s petrochemical arm, is to be spun off in a flotation, according to a report in the Daily Telegraph. Citing registration documents which BP filed with the Securities & Exchange Commission, the article stated that the IPO, believed to offer between 20% and 30% for sale in the first instance, may flush out an offer from Reliance Industries. Reliance, the Indian petrochemicals business, has been mooted as a possible suitor, the report said, adding that BP had confirmed it had received approaches from potential trade bidders.
The business, based in Chicago, is believed to have a value of approximately USD 7bn (EUR 5.7bn), the article stated. It added that USD 1bn could be raised from the IPO, although this number was purely for assessment of the registration charges, the company said. UBS, Morgan Stanley, Lehman Brothers and Goldman Sachs are underwriting the transaction.
Source: Financial Times
Value: $1,000m (Potential cash to be raised in IPO)
Story: Innovene, BP’s petrochemical arm, is to be spun off in a flotation, according to a report in the Daily Telegraph. Citing registration documents which BP filed with the Securities & Exchange Commission, the article stated that the IPO, believed to offer between 20% and 30% for sale in the first instance, may flush out an offer from Reliance Industries. Reliance, the Indian petrochemicals business, has been mooted as a possible suitor, the report said, adding that BP had confirmed it had received approaches from potential trade bidders.
The business, based in Chicago, is believed to have a value of approximately USD 7bn (EUR 5.7bn), the article stated. It added that USD 1bn could be raised from the IPO, although this number was purely for assessment of the registration charges, the company said. UBS, Morgan Stanley, Lehman Brothers and Goldman Sachs are underwriting the transaction.
Source: Financial Times
Value: $1,000m (Potential cash to be raised in IPO)
