BP PLC — M&A Activity 2005

Dec 16, 2005

News Details

Ad-hoc | 16 December 2005 19:25

BP SALE OF INNOVENE TO INEOS COMPLETED

Ad hoc announcement processed and transmitted by DGAP. The issuer is solely responsible for the content of this announcement. —————————————————————————— BP announced today that the sale of Innovene, its petrochemicals group, to INEOS completed at 13.30 hours, UK time. “The sale of Innovene has been the biggest single divestment in BP’s history and with hard work on both sides we have completed it in just 10 weeks – ahead of schedule and still in 2005. This is excellent news for BP’s shareholders and I wish Ineos and its staff success for the future,” said Lord Browne, BP group chief executive. Notes to editors: · BP announced on 7th October 2005 that it would sell Innovene, its olefins, derivatives and refining group, to UK-based INEOS. The $9 billion cash sale included Innovene’s manufacturing sites, markets and technologies. · The European Commission cleared the proposed acquisition under the EU Merger Regulation on 9th December. · BP first announced the intention of separating its olefins and derivatives business from its petrochemicals portfolio in April 2004 with an initial public offering (IPO) as one, possible, disposal option. In the interim, it received a number of approaches from companies considering a trade sale. Further media enquiries: BP: Press Office +44 (0)207 496 4076 BP p.l.c. 1 St James’s Square London, SW1Y 4PD United Kingdom ISIN: GB0007980591 WKN: 850517 Listed: Amtlicher Markt in Düsseldorf (Dt. Zertifikate DE0008618737), Frankfurt (General Standard) und Hamburg; Freiverkehr in Berlin-Bremen, Hamburg, Hannover, München und Stuttgart; Swiss Exchange End of ad hoc announcement (c)DGAP 16.12.2005