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

 

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