Until his acquisition of a 25 per cent stake in Manchester United, one of the world's richest football clubs, few outside the business world had heard of Sir Jim Ratcliffe. But the story of his inexorable rise, as he spearheaded the growth of chemicals giant INEOS, is a remarkable tale of strategic acquisitions and shrewd leadership.
Here are 12 deals illustrating Ratcliffe’s focus on driving INEOS into new markets, consolidating its existing operations and diversifying its portfolio. Together, they demonstrate Ratcliffe’s skill in identifying undervalued assets and leveraging them to create a robust, diversified conglomerate.
1. Acquisition of Antwerp Site from BP (1998)
INEOS's first major acquisition, this deal marked INEOS's entry into the world of large-scale chemical production. It was a strategic purchase, expanding the company's footprint into mainland Europe.
2. Purchase of Innovene from BP (2005)
INEOS acquired Innovene, BP's olefins, derivatives, and refining subsidiary, for $9 billion. This transformative deal made INEOS the world's fourth-largest chemicals company at the time, significantly increasing its scale and diversity and quadrupling its turnover overnight.
3. Acquisition of Norsk Hydro's Polymers Business (2007)
This acquisition allowed INEOS to expand its presence in the European polymers market, particularly in polyvinyl chloride (PVC) production and significantly strengthened and consolidated its market position.
4. Purchase of BP's Refineries and Petrochemical Complex in Germany (2005)
INEOS again acquired from BP, taking over the company’s refining and petrochemical complex in Lavéra, France, enhancing its refining capacity and expanding its market reach in Europe.
5. Acquisition of BP's Air Separation Units (ASUs) in Scotland (2011)
This deal involved acquiring BP's air separation units in Grangemouth, Scotland. It was a tactical move to secure the supply of industrial gases essential for INEOS's operations as it increasingly focused on areas outside of chemicals.
6. Purchase of DEA Group’s UK North Sea Gas Fields (2015)
INEOS's move into the energy sector was marked by this major acquisition of DEA Group’s UK North Sea gas fields, which signified a significant strategic expansion into upstream energy production.
7. Acquisition of the Forties Pipeline System from BP (2017)
This deal represented a major milestone, as the Forties Pipeline is a key piece of UK energy infrastructure. It demonstrated Ratcliffe’s broader strategic vision of INEOS as a company focused on energy, as well as chemicals.
8. Purchase of Dong Energy’s Oil and Gas Business (2017)
Further expanding into the energy sector, INEOS acquired the oil and gas business of Dong Energy, further strengthening its position in the North Sea and diversifying its portfolio.
9. Acquisition of Ashland’s Composites Business (2018)
This purchase allowed INEOS to diversify into new markets with high-performance composites that are widely used in industries such as automotive and construction.
10. Purchase of Cristal’s North American Titanium Dioxide Business (2019)
This acquisition was a strategic move into the production of titanium dioxide, a key pigment in the paint and coatings industry. Further evidence of Ineos’ growing focus on moving into new areas and markets.
11. Acquisition of BP’s Aromatics and Acetyls Business (2020)
This deal was a major strategic expansion in the aromatics sector, key to the production of fibers, films, and packaging.
12. Acquisition of Sasol’s 50% Stake in Gemini HDPE (2020)
By acquiring Sasol’s share in Gemini HDPE, INEOS strengthened its position in the North American high-density polyethylene market, a vital material in numerous consumer goods.
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