Switzerland: Petrochemical firm buys out of joint venture

Petrochemical conglomerate Ineos announced Monday that it has purchased chemical group BASF’s share of the companies’ joint venture.

The Swiss company acquired BASF’s 50 percent stake in the partnership, known as Styrolution, in a $1.5 billion transaction. The joint venture was launched in 2011.

While the acquisition remains subject to approval from antitrust authorities, Ineos said in a statement that it is “pleased” to absorb the venture as a complete unit of the company. The venture will continue to operate independently, Ineos said.

The venture produced styrene, used to make plastic products used in cars, electronics and other items.

Full content: Yahoo News

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