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BASF and Ineos sign JV contract for Styrolution  

By Gerald Ondrey |

BASF SE (Ludwigshafen, Germany; www.basf.com) and Ineos Industries Holdings Ltd. (Lyndhurst, U.K.; www.ineos.com) have made an important step towards the stablishment of the joint venture (JV) company Styrolution. On May 27, 2011 the companies signed a JV contract, which regulates the formation of the JV company Styrolution. The establishment of the joint venture is subject to approval by the appropriate antitrust authorities. BASF and Ineos plan to combine their global business activities in styrene monomers (SM), polystyrene (PS), acrylonitrile butadiene styrene (ABS), styrene-butadiene block copolymers (SBC) and other styrene-based copolymers (SAN, AMSAN, ASA, MABS) as well as copolymer blends into the new joint venture called Styrolution. The business with expandable polystyrene is not part of the transaction. BASF and Ineos will retain their respective businesses. The company headquarters will be located in Frankfurt am Main, Germany. In the JV 50% of the shares will be owned by BASF and 50% by Ineos. BASF will receive cash consideration following the completion of the transaction. BASF intends to contribute its SM, PS, ABS, SBC and styrene-based copolymers businesses in the JV. This includes production plants located in Germany…
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