BASF Completes Sale of Share in Styrolution to Ineos
BASF SE, Ludwigshafen, Germany, has completed the sale of its 50% share in Styrolution Group GmbH, Frankfurt/Main, Germany, the leading global styrenics supplier, to Ineos, Rolle, Switzerland. The relevant merger control approvals have already been granted. The purchase price amounts to EUR 1.1 billion. The transaction will lead to an expected pre-tax disposal gain in the mid three digit million euro range for BASF in the fourth quarter of 2014. Styrolution was founded in October 2011 as a 50-50 joint venture between BASF and Ineos.
Styrolution will continue to operate as a stand-alone business within Ineos Industries Holdings Limited. “We are pleased to have completed this acquisition. It represents another important step in the growth of the Styrolution business as it competes effectively with large-scale producers from Asia and the Middle East. We are pleased to bring Styrolution fully into the Ineos family,” said Jim Ratcliffe, Chairman, Ineos Capital.
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