According to investor newspaper Milano Finanza (MF) this morning, Ennio Doris, the president of on-line bank Mediolanum, has already written a letter of intent concerning a possible acquisition. However, no formal offer has yet been made.

Ineos produces PVC and vinyl chloride monomer (VCM) at Porto Marghera, near Venice.

Mediolanum is partly owned by Fininvest, which is run by the Berlusconi family. The Italian prime minister currently plays no active part in its management.

Doris and his colleagues, based in the Venice region, are one of two groups to have written letters of intent, according to MF. The identity of the second group is unknown.

Contacted by PRW.com Ineos Vinyls Italia communications manager Manuela Pellizzon said the company did not comment on articles in the press.

Doris is no stranger to the chemicals business. His family recently took a stake in Caffaro Bifuel, part of speciality chemicals company Snia.

MF notes that various theories have been put forward in recent months about possible buyers for Ineos Vinyls Italia, which is owned by UK-based Ineos, the world's third largest chemical company.

One name that has cropped up is gas and chemicals giant Eni which, via its Enichem subsidiary, was the original owner of the Porto Marghera operation.

Rumours have been rife in the Italian media for several months about a possible pull-out from Italy by Ineos. Plans by the company to rationalise its Porto Marghera operations have been scuppered by bureaucratic delays, financial problems and political in-fighting.