Switzerland-based petrochemical firm Ineos today said it has agreed to buy its partner BASF's 50 per cent share in Styrolution to take full control of the company for 1.1 billion euros.
German plastic maker Styrolution is a 50:50 joint venture between top global chemical companies, BASF and Ineos. Styrolution manufactures plastics used in car front grills, food packaging and others.
"Ineos will acquire BASF's 50 per cent share in Styrolution. The purchase price to be paid by Ineos amounts to 1.1 billion euros," Styrolution's Indian unit said in a BSE filing.
An option to buy BASF's share was included in the shareholders agreement signed in 2011. The stake buy would be subject to the regulatory approval, it said.
Styrolution will continue to operate as an independent company until the completion of the deal, which is expected in the fourth quarter of 2014, it added.
"We are please to bring Styrolution fully into the Ineos family. After the purchase, Styrolution will be run separately as a standalone company with Ineos, and continue to operate as it does today," Ineos Capital, Chairman Jim Ratchille said in a joint-press release.
The business will be a subsidiary of Ineos Industries Holdings Ltd, he added.