Career
In 1986 he founded Access Industries, an international industrial group, of which he is Chairman and President. Access has long-term strategic holdings in Europe, North and South America. Initially, he moved into Russian investments, just after the fall of communism. With a friend from university, Viktor Vekselberg, they formed the Renova investment vehicle, and then the two joined with Mikhail Fridman's Alfa Group to form the AAR venture. To date, Access has diversified its portfolio to include investments in industries such as oil, coal, aluminum, petrochemicals and plastics, telecommunications, media, and real estate.
AAR gained a controlling stake in Russian oil company TNK through privatisation auctions, then in 2003 sold 50% stake to British Petroleum to form TNK-BP, one of Russia's largest oil companies, where Blavatnik serves on the board of directors.
Blavatnik also has interests in UC Rusal, the world's largest aluminum producer, where he sits on the board.
On May 6, 2011, Warner Music Group announced its sale to Access for US$3.3 billion. On July 20, 2011 an Access affiliate acquired Warner Music Group for $3.3 billion.
Mr Blavatnik is also a member of the Global Advisory Board of the Centre for International Business and Management at Cambridge University, a member of the board of Dean’s Advisors at the Harvard Business School and a member of the academic board at Tel Aviv University.
Mr. Blavatnik, the Blavatnik Family Foundation and Access companies have supported many cultural and philanthropic institutions over the past 15 years, including serving as the primary benefactors for numerous, major art and cultural exhibitions, including the British Museum, Tate Modern, Royal Opera House, National Portrait Gallery and Museum of Modern Art.
Since 2007, the Blavatnik Family Foundation has supported the Blavatnik Awards for Young Scientists together with the New York Academy of Sciences. The annual award recognizes the accomplishments of outstanding young scientists in life sciences, physical sciences and engineering and provides all finalists with a significant cash prize.
Access Industries bought petrochemicals and plastics manufacturer Basell Polyolefins from Royal Dutch Shell and BASF for $5.7 billion in August 2005.
On 20 December 2007, Basell completed its acquisition of the Lyondell Chemical Company for an enterprise value of approximately $19 billion. The resulting company, LyondellBasell Industries is the world's third largest chemical company based on net sales.
On January 6, 2009, the U.S. operations of LyondellBasell Industries filed for bankruptcy. On April 30, 2010, LyondellBasell emerged from Chapter 11 bankruptcy protection in a significantly improved financial position. As part of its exit financing, LyondellBasell raised $3.25 billion of first priority debt as well as $2.8 billion through the rights offering jointly underwritten by Access Industries, Apollo Management, and Ares Management. LyondellBasell stock has increased 103% in value since April 2010. Access currently owns approximately 14% of LyondellBasell.
In early 2010, Access Industries was reported as one of the handful of bidders for Metro-Goldwyn-Mayer.
In 2010 Blavatnik sued JPMorgan Chase after losing $100 million after following Morgan's advice to buy mortgage securities of AAA credit rating in 2007. The lawsuit is ongoing.
Read more about this topic: Leonard Blavatnik
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