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Tronox: Selling Ashtabula to Ineos

Worth Watching: 07 Dec 2018, 11:18 AM ET - Tronox (TROX: B3/B-) announced its intention to sell the Ashtabula facility to Ineos for $700 million, which is down considerably from the $900 million - $1.1 billion price offered by Venator (Tronox: Divesting Ashtabula Facility to Venator?). ..
Focused

INEOS: Looking at ConocoPhillips North Sea Assets

Worth Watching: 19 Nov 2018, 1:33 PM ET - INEOS has confirmed that it is in exclusive talks with the U.S. oil & gas producer ConocoPhillips over the acquisition of its North Sea assets worth an estimated £2.3 bn. HSBC and Citigroup are rumoured to have offered to provide the financing. ..
Focused

Ineos: Acquires Ashland's Composites for $1.1 bn

Worth Watching: 15 Nov 2018, 4:15 PM ET - Ineos Enterprises (a sister subsidiary of Ineos Group) announced its intention to acquire Ashland's composite resins business and its German BDO facility for a total of $1.1 billion. Ashland's composite resins business manufactures unsaturated p ..

October 2018 Europe Company Recommendation Changes

Euro Recommendation Changes: 31 Oct 2018, 10:02 PM ET - Our monthly report provides executive summaries for the fourteen companies recommendation changes made on European companies during the month of October.
Focused

Ineos 3Q18: Margins Pressure Accelerating

Earnings Note: 28 Oct 2018, 10:21 PM ET - Ineos reported what seemed like a strong quarter with a 19% YoY increase in sales and a 9% YoY increase in EBITDA. However, given its outlook, we remain Underperform on the credit. 

Air Liquide: 3Q18 Revenue Update

Worth Watching: 25 Oct 2018, 8:25 AM ET - Air Liquide (A3/A-) had released its 3Q18 revenues update on Wednesday, October 24. Reported sales were up 6.6% YoY at €5.27 bn while comparable sales were up 6.0% YoY after accounting for a negative currency impact (-1.2%) on the back of a stro ..

LIN/PX Merger: Conditional Approval from the FTC

Worth Watching: 22 Oct 2018, 10:22 PM ET - LIN/PX Merger Update: The FTC has granted a conditional approval for the Linde/Praxair merger subject to further asset divestitures. In addition to the assets Linde had already agreed to divest in July 2018, the FTC requires the sale of furthe ..

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.
Focused

Ineos: Shifting to Underperform

Worth Watching: 09 Oct 2018, 10:32 PM ET - Ineos (1st lien: Ba1/BB+): We are shifting our recommendation on Ineos from Outperform to Underperform. The shift in our recommendation reflects the expectation for margin compression arising from elevated U.S. ethane prices as well as excess e ..
Focused

Ineos 2Q18: Derivatives Offsetting Olefin Pressure

Earnings Note: 30 Jul 2018, 11:51 PM ET - Ineos reported solid 2Q18 results driven by strength in O&P North America and Chemical Intermediates, which more than offset softness in O&P Europe.

Italy Assessing the Risks: Part 2 - Non-Financials

Sector Analysis: 31 May 2018, 10:24 PM ET - In the second part of our series on the impact of Italian political uncertainty on the country's investment grade and high yield credits we take a look at non-financial corporates.
Focused

Ineos 1Q18: Weakness in North America

Earnings Note: 29 Apr 2018, 9:58 PM ET - Ineos' posted softer results as a combination of events drove O&P North America EBITDA down substantially. However, Ineos maintains a solid balance sheet and continues to prioritize deleveraging over the near term.
Focused

Ineos 1Q18: Excess Supply in NA Pressures Margins

Worth Watching: 22 Apr 2018, 10:37 PM ET - Ineos 1Q18 (Sr Unsec: B1/B+) released a trading statement for 1Q18. Adjusted EBITDA declined -17% YoY to €618 million driven by weaker results in both the North American and European operations. O&P North America adjusted EBITDA declined -36% t ..

Basic Industries: 1Q18 In Review and a Look Ahead

Sector Analysis: 17 Apr 2018, 4:12 AM ET - We review the performance of the Basic Industries sector  YTD, comparing themes in our outlook with actual developments. We also talk about unexpected developments, and what we think will shape the balance of the year. 

Bayer: EC Approves Monsanto Deal, DOJ Remains

Worth Watching: 22 Mar 2018, 10:07 PM ET - Bayer 's (A3/A-) $66 bn acquisition of Monsanto (A3/BBB) was conditionally approved by the European Commission on Wednesday. The regulator's concerns surrounding competition and innovation following the merger seem to have been successfully addr ..
Focused

Ineos 4Q17: Softer Margins

Worth Watching: 22 Feb 2018, 11:38 PM ET - Ineos 4Q17 (Sr Unsec: B1/B+) revenues improved 16% YoY to €3.7 billion and adjusted EBITDA increased 1% to €562 million. O&P North America revenues improved 15% on higher prices although EBITDA and EBITDA margins declined -24% to €168 million an ..
Focused

Chemicals Outlook 2018 (Part 6): Petrochemicals

Sector Outlook: 01 Feb 2018, 4:07 AM ET - A significant amount of ethylene derivative capacity is expected to continue to come online throughout 2018, pressuring prices and margins. Companies will attempt to counter the incoming capacity headwinds with rising plant utilization.

Chemicals 2018 Outlook (Part 5): Chlor-Alkali

Sector Outlook: 25 Jan 2018, 10:35 PM ET - With investment in chlor-alkali capacity effectively non-existent and positive manufacturing and construction trends around the globe, we expect operating rates around the world to rise in the medium term. 

Chemicals 2018 Outlook (Part 3): Industrial Gases

Sector Outlook: 21 Jan 2018, 10:14 PM ET - Improving PMI trends not only in North America, but also globally, bode well for Industrial Gas demand in 2018 and will perhaps help mark an end to the protracted period of decline in gas project backlogs.

Chemicals 2018 Outlook (Part 2): The Majors

Sector Outlook: 18 Jan 2018, 10:53 PM ET - M&A is still key within the Majors names as DWDP begins to deliver its promised synergies, Bayer looks to close the Monsanto deal, and BASF continues to opportunistically pick up assets, while riding momentum from its Chemical Segment.

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