Europe is becoming a busy hunting ground for Indian companies eager for acquisitions as they attempt to expand globally, bring in new assets and hone their technical chops.The value of Indian mergers and acquisitions into Europe has reached $5.7 billion in 2025, more than any other full year since 2020, according to data compiled by Bloomberg. It’s still some way behind the record $15.4 billion in 2006.Tata Motors Ltd. led the charge this year with its offer to buy Iveco Group NV for about €3.8 billion ($4 ...

Core Viewpoint - Ineos, owned by billionaire Sir Jim Ratcliffe, has been downgraded to a BB- credit rating by Fitch due to rising debt levels and challenges in the global chemicals market [1][2][4]. Group 1: Credit Rating and Financial Impact - Fitch downgraded Ineos's credit rating for the second time in two years, previously lowering it to BB in January 2024 [2]. - The downgrade is attributed to Ineos's debts increasing by €4 billion (£3.5 billion) due to costs from the Project One ethane cracker development in Antwerp [3]. - A lower credit rating complicates borrowing, leading to higher debt servicing costs, particularly as Ineos faces low demand for chemicals amid a sluggish global economy [3][4]. Group 2: Market Conditions and Company Strategy - The chemicals market is experiencing a significant slowdown, exacerbated by trade tensions and low global economic growth, impacting Ineos's profitability [3][4]. - Ineos is actively working to reduce its debt by divesting parts of its business, including the sale of its Ineos Composites polymers manufacturing business for €1.7 billion earlier this year [5]. - The company plans to close its phenol production facility in Gladbeck, Germany, by 2027 as part of its cost-cutting measures [6]. Group 3: Sir Jim Ratcliffe's Broader Business Interests - Sir Jim Ratcliffe, the second-richest person in Britain, has significant investments beyond Ineos, including a 29% stake in Manchester United and ventures in automotive and sports [6][7]. - His acquisition of a 27.7% stake in Manchester United in February last year cost £1.25 billion, alongside other investments in sports teams totaling hundreds of millions [8].

Company Overview - LyondellBasell is an international manufacturer of chemicals with over 20% global market share in ethylene products, including plastics, polymers, and synthetic oils [1] Industry Context - The global chemicals manufacturing sector is currently experiencing a cyclical low, with China and Europe de-stocking industrial inventories throughout 2023 [1]