INEOS Group acquires Borealis AS and secures ownership of Noretyl Cracker at Rafnes
INEOS Group announced it has reached agreement to acquire the Borealis AS petrochemical business in Norway for EUR 290 million, debt free. The deal includes 50% of the Noretyl ethylene cracker at Rafnes and associated downstream, integrated businesses at the nearby Bamble polyolefins site.
The acquisition of Borealis AS follows the recent announcement made by INEOS Capital, to buy Norsk Hydro ASA's polymers business (Kerling) and completes the total purchase of the Noretyl cracker, a 50:50 Joint Venture between Norsk Hydro and Borealis AS. The opportunity to purchase both shareholding interests in the Noretyl cracker presents INEOS with unique benefits by bringing the businesses at Rafnes under a single ownership.
The acquisition is being made by INEOS Group Limited and is conditional on receipt of bank consent (with additional financing already committed) and approval from the EU competition authorities. The transaction is expected to close in the third quarter 2007.
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