Linklaters has continued its longstanding relationship with petroleum giant BP after advising on the $9bn (£5.14bn) sale of its plastics production arm Innovene, which was announced last week.
Slaughter and May advised the purchaser Ineos, with corporate partner Robert Stern leading the deal backed by associates Andrew Jolly and Marek Petecki, with competition partner Claire Jeffs also providing advice.
Ineos became the world’s fourth-largest independent petrochemicals business after buying Innovene. It will borrow $12bn (£6.86bn) from Barclays Capital, Merrill Lynch and Morgan Stanley, which The Lawyer understands were advised by Shearman & Sterling.
Linklaters corporate partners Lee Taylor and Owen Clay took up the instructions from BP, with assistance from managing associate Stephen Griffin.
Taylor, who manages Linklaters’ relationship with BP, said: “It was a very straightforward trade sale that wasn’t covered by any regulatory issues. We have a longstanding relationship with BP and have acted for them for the past 10 years or so.”
Slaughters declined the opportunity to comment on the deal other than to confirm its involvement.
BP had initially proposed to sell Innovene by way of an IPO. According to reports, BP filed documents in relation to the proposed IPO of a minority stake in Innovene, through which it hoped to raise around $1bn (£570m).
Taylor said the company took a “dual-track approach” before ultimately deciding on the trade sale route.