Innovene Sets Ipo of Stock

Innovene, the olefins and derivatives business being spun off by BP, has filed a registration statement with the Securities & Exchange Commission for an initial public offering of common stock valued at $1 billion. Innovene has not set a share price or number of shares to be offered, but it does say that shares will trade on the New York Stock Exchange under the ticker symbol INV. BP will retain a controlling stake in the firm. BP has targeted a late-2005 IPO for Innovene for about a year but has also suggested it would entertain offers for the company. Reliance Industries recently denied rumors that it is putting together a bid for Innovene. Revenues of $17.9 billion in 2004 made Innovene the ninth largest chemical company in the world. It posted a net loss of $261 million in 2004.