PIE-TICKER
Innovene announces ipo amid takeover rumours
BP’s petrochemicals spin-off Innovene (Chicago, Illinois / USA; www.innovene.com) has announced plans to float 20-30% of its capital on the New York stock exchange this autumn. Innovene said it hopes to take in around USD 1 bn from the move. Some observers believe that the ipo announcement is simply a ploy to find a buyer for the company, whose petrochemicals interests are primarily in the upstream olefins segment. Since August, rumours have been circulating that India’s Reliance Industries (www.ril.com) plans to make an offer for Innovene.
16.09.2005 Plasteurope.com [10544]
Published on 16.09.2005