Linklaters and Slaughters Acting On $5B Petrochemical Deal
The deal will see major oil player BP sell two of its manufacturing companies to rival INEOS.
June 29, 2020 at 06:30 AM
2 minute read
Linklaters and Slaughter and May are advising petrochemical giants BP and INEOS on a $5 billion deal.
The transaction will see BP sell its petrochemical manufacturing businesses, Acetyls and Aromatics, to INEOS.
BP's Aromatics business provides the raw materials for the global polyester industry, key to fibres, films and packaging. Acetyls meanwhile supports a wide range of downstream industries in food flavouring and preservation, as well as pharmaceuticals, paints, adhesives and packaging, according to a statement on the proposed deal by INEOS.
In total, the businesses have interests in 14 manufacturing plants in Asia, Europe and the U.S. and in 2019 produced 9.7 million tonnes of petrochemicals, according to INEOS.
Under the deal terms, Ineos will pay a $400m deposit, with $3.6bn to follow once the purchase has been completed. The remaining $1bn will be deferred, with full payment expected by June 2021, according to a statement by BP.
Linklaters is advising BP on the sale terms, with a team led by London corporate partners Owen Clay and Derk Tong and energy and infrastructure partner Mark Russell.
INEOS is being advised by Slaughter and May, with corporate partners Hywel Davies and Sally Wokes leading the team.
Earlier in the year, environmental activist group Extinction Rebellion targeted Slaughters over its extensive client base in the oil and gas sector, which includes Shell, Maersk Oil andPremier Oil, as well as INEOS.
|Read More
Extinction Rebellion To Target Slaughter and May Over Oil Clients
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