BP PLC — M&A Activity 2004

Nov 3, 2004

News Details

Ad-hoc | 3 November 2004 09:59

BP p.l.c. – BP Solvay Joint Venture

Ad-hoc-announcement processed and transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– BP AND SOLVAY COMPLETE PLASTICS ASSETS TRANSACTIONS BP today announced that it has reached agreement with Solvay to acquire Solvay’s share of the BP Solvay joint ventures which were established in 2001. This marks the completion of an asset exchange deal announced in December 2000 in which BP transferred engineering polymer assets to Solvay, Solvay transferred polypropylene assets to BP, and two high density polyethylene (HDPE) joint ventures were set up in the US and Europe. Subject to regulatory approvals, BP will purchase Solvay’s share of the HDPE manufacturing plant and businesses. The joint ventures will be terminated in early 2005. “HDPE is an important part of our olefins and derivatives business. This deal will help launch our new O&D business on a sound footing,” said Ralph Alexander, CEO of the new company. Notes to editors The BP Solvay joint ventures comprise HDPE business interests and manufacturing sites in Europe and the USA with a total capacity of 2.6 million tonnes. In the Europe jv, BP’s interest is 50% of 1,566,000 tonnes capacity from five sites employing approximately 1000 staff. In the US jv, BP’s interest is 49% of 1,000,000 tonnes capacity from two sites employing approximately 300 staff. Further enquiries: Robert Wine, BP press office, London – tel: +44 (0)20 7496 4827 Scott Dean, BP press office, Chicago – tel: +1 (630) 821 3212 Martial Tardy, Solvay press office, tel: +32 2 509 72 30 end of ad-hoc-announcement (c)DGAP 03.11.2004 ——————————————————————————– WKN: 850517; ISIN: GB0007980591; Index: Listed: Amtlicher Markt in Düsseldorf (Dt. Zertifikate DE0008618737), Frankfurt (General Standard) und Hamburg; Freiverkehr in Berlin-Bremen, Hannover und Stuttgart / Freiverkehr in Berlin-Bremen, Düsseldorf, Frankfurt, Hamburg, Hannover, München und Stuttgart 030959 Nov 04