On May 27, 2011 BASF and Ineos signed a joint venture contract, which regulates the formation of the planned joint venture company Styrolution. The EU Commission has approved the formation subject to the requirement that the parties sell an ABS production site in Tarragona, Spain.
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/Main, Germany. In the joint venture 50% of the shares will be owned by BASF and 50% by Ineos. BASF will receive cash consideration following the completion of the transaction....