INEOS has announced its intention to purchase the global Aromatics and Acetyls businesses of BP for a consideration of $5 billion. $4 billion will be payable upon completion with the remaining $1 billion deferred until, at the latest, June 2021. With this transaction, INEOS will extend both the portfolio and the geographic reach of the business. The Aromatics business includes 6 sites and supplies the global polyester business which includes polyester fibre, film and PET packaging. The Acetyls business with 9 sites produces acetic acid and a range of derivatives supplying a wide range of downstream industries such as food, pharmaceuticals, paints, adhesives and packaging.