The Sunday Telegraph (UK): Ratcliffe in £2bn bid for Shell plastics: “Jim Ratcliffe, one of Britain's most successful industrial entrepreneurs, has emerged as a surprise bidder for the Basell plastics business of Shell, which is being sold for about €4bn (£2.1bn).”: “Basell is the world's largest polypropylene producer, with sales last year of £3.9bn. The sale is the first stage of Shell's plans to sell assets worth up to $12bn in the wake of its reserves overbooking scandal.” (ShellNews.net) 19 Dec 04

By Sylvia Pfeifer (Filed: 19/12/2004)

Jim Ratcliffe, one of Britain's most successful industrial entrepreneurs, has emerged as a surprise bidder for the Basell plastics business of Shell, which is being sold for about €4bn (£2.1bn). 

Ineos, the group controlled by Ratcliffe, is Europe's largest privately owned chemicals company and is understood to be on the final shortlist of bidders for Basell.

Over the past 10 years, Ratcliffe has become a major force in Europe's chemicals industry, buying and selling assets from publicly quoted rivals such as BP and ICI.

Basell would be Ratcliffe's biggest ever deal. Ineos acquired several of ICI's historic chemicals manufacturing sites in Teesside a few years ago. Today, Ineos, which makes speciality and intermediate chemicals, employs 10,000 staff and boasts annual sales of about €5bn.

Two other groups are understood to be on the shortlist for Basell: one of China's state-owned oil companies and a consortium of two US leveraged buyout groups, Blackstone and Apollo Management.

Basell is the world's largest polypropylene producer, with sales last year of £3.9bn. The sale is the first stage of Shell's plans to sell assets worth up to $12bn in the wake of its reserves overbooking scandal.

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2004/12/19/cnshell19.xml