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BASF to Receive €600 Million from Styrolution JV to Equalize Assets

10:48 AM MDT | July 8, 2011 | —NATASHA ALPEROWICZ

BASF says it will receive €600 million ($870 million) from Styrolution (Frankfurt), an equally owned styrenics joint venture with Ineos, because BASF is contributing more assets to the jv than its partner. BASF will receive the compensation payment in cash from Styrolution at the closing of the jv, following necessary approvals. The deal is expected to close this year, BASF says. BASF and Ineos received approval from the European Commission earlier this year for Styrolution, which combines the partners’ global styrenics businesses. The approval is conditional...

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