Joint Venture of INEOS and BASF SE

INEOS Industries Holdings Limited (INEOS) recently announced the completion of the 50/50 joint venture with BASF SE to combine their global business activities in styrene monomer, polystyrene, acrylonitrile butadiene styrene, styrene butadiene block copolymers and other styrene based copolymers as well as copolymer blends and compounds. The joint venture is called Styrolution and is expected to generate annual sales of more than EUR 5 billion. Slaughter and May advised INEOS Industries Holdings Limited (INEOS) as lead counsel.
Bär & Karrer advised INEOS on the Swiss law aspects in connection with the EUR 500 mio. global trade receivable securitization program for Styrolution. The team included the partners Peter Hsu and Eric Stupp as well as the associate Daniel Flühmann for the financing aspects and the partners Raoul Stocker and Daniel Bader for tax matters. Bär & Karrer further advised INEOS on the Swiss law aspects in connection with the issuance of EUR 480'000'000 7.625% Senior Secured Notes due in 2016 by Styrolution Group GmbH that are, amongst others, guaranteed and secured by the Swiss company Styrolution International AG. The team included partner Christophe Buchwalder as well as senior associate Ludivine Boisard.