BASF get € 600 million in Ineos deal – German paper

BASF to get € 600 million in Ineos deal – German paper

3:10 PM, 6th July 2011
BASF to get € 600 million in Ineos deal – German paper
BASF headquarters in Germany.

FRANKFURT, GERMANY: BASF will receive € 600 million ($ 873 million) from British peer Ineos as part of their deal to set up a styrenic -plastics joint venture, a German paper reported.

BASF stands to get the amount because it had contributed more valuable assets to the joint venture than Ineos did, said the Financial Times Deutschland, citing documents for bond investors. The paper said a BASF spokeswoman confirmed the amount.

In November 2010 BASF agreed to transfer parts of its styrenics business into a joint venture with Ineos and the two companies announced in May that they had signed a deal governing the formation of the joint venture company, Styrolution.

They said Styrolution will be headquartered in Frankfurt with ownership split equally between BASF and Ineos as BASF would be paid a cash sum following completion of the transaction.

Styrolution will have annual sales of more € 6.4 billion, the paper said.

(C) Reuters




Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News

Inspired by Teflon, researchers create super durable proteins

BROOKLYN, US: More than 50 years ago, NYU-Poly alumnus John Gilbert was asked to evaluate a newly - developed material called Teflon. His experiments ...

Read more
Yale researchers design a better way to discover drug candidates

NEW HAVEN, US: Yale researchers have devised a novel way to trick cells into getting rid of problematic proteins, a method that could help pharmaceuti ...

Read more
Plastic cell membranes for faster and cheaper drug development

Synthetic cell membranes invented at the Institute of Materials Research and Engineering (IMRE), a research institute of Singapore’s Agency for ...

Read more
Elevance and Hutchinson collaborate for rubber processing

BOLINGBROOK,US: Elevance Renewable Sciences Inc and Paris-based Hutchinson Worldwide announce a collaboration to validate the use of Elevance’s ...

Read more
Foster Wheeler awarded contract by Saudi Aramco in Saudi Arabia

  ZUG, SWITZERLAND: Foster Wheeler AG announced that Foster Wheeler SOFCON, an unincorporated consortium between a subsidiary of Foster Wheeler& ...

Read more
Dow Chemicals in talks to acquire Yule Catto - market rumours

  LONDON, UNITED KINGDOM: Industry rumours sepculate, Dow Chemical is said to be in talks with Yule Catto, a specialty chemical maker. According ...

Read more uses cookies to ensure that we give you the best experience on our website. By using this site, you agree to our Privacy Policy and our Terms of Use. X