BASF has completed its withdrawal from the commodity styrenics market with the sale of its share in the 50:50 joint venture Styrolution to its partner, Ineos, which will operate the business in future as a standalone entity under its holding.

The closing of the €1.1 billion sale announced in June of this year follows the approval by all relevant authorities.

Since the joint venture was established in 2010, following BASF's failure to sell the business outright, the Ludwigshafen chemical giant has had its eyes on the exit. It anchored a put, Ineos a call option in the contract.

At Styrolution's founding, BASF contributed its activities in styrene monomer, commodity, PS and ABS, along with styrene-based copolymers businesses in Ludwigshafen and Schwarzheide, both in Germany, as well as assets in Belgium, South Korea, India and Mexico.

The group's expandable polystyrene (EPS) business was never part of Styrolution.