Germany-headquartered Styrolution, which was founded in October 2011 as a 50-50 joint venture between BASF and Ineos, will be fully owned by Ineos. The latter will acquire BASF’s 50% share in Styrolution for a purchase price of EUR1.1 billion. A call option in favour of Ineos to buy BASF’s share in Styrolution was already included in the shareholders’ agreement signed in 2011.

The transaction is subject to approval by the appropriate antitrust authorities. Styrolution will continue to operate as an independent company until the completion of the deal, which is expected in the fourth quarter of 2014.

“Styrolution has fulfilled its promise as a globally competitive business that competes effectively with large-scale producers from Asia and the Middle East. We are pleased to bring Styrolution fully into the Ineos family. After the purchase, Styrolution will be run separately as a standalone company within Ineos and continue to operate as it does today,” said Jim Ratcliffe, Chairman, Ineos Capital.

Styrenics supplier Styrolution will be a subsidiary of Ineos Industries Holdings Ltd. BASF and Ineos pooled their styrenics businesses in 2011 to better compete with low-cost Asian rivals, with BASF saying at the time it was eventually eyeing a complete exit.