BASF to get €600m from Styrolution joint venture

05 July 2011 19:40  [Source: ICIS news]

LONDON (ICIS)--BASF will get €600m ($870m) from its Styrolution joint venture with INEOS, the Germany-based chemicals major said on Tuesday.

The amount is based “on the value gap” between the businesses that go into the joint venture, company spokeswoman Christine Schoenfelder told ICIS.

BASF and INEOS signed a contract to form the joint venture on 30 May, following their letter of intent from last November.

BASF said earlier it would receive cash consideration from Styrolution, based on the value of the assets it contributed to the 50:50 joint venture.

Schoenfelder said the payment will only be made after closure of the transaction.

The European Commission approved the joint venture last month but the transaction has not yet closed.

($1 = €0.69)

For more on BASF, INEOS and other producers visit ICIS company intelligence

By: Stefan Baumgarten
+1 713 525 2653

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