On September 23, 2014, CCI approved the proposed acquisition by INEOS Styrolution Holding
Gmbh (‘INEOS Styrolution’), an indirect subsidiary of INEOS AG (‘INEOS’) of all the shares held
by BASF in Styrolution Holding Gmbh (‘Styrolution’), a JV of INEOS and BASF (SE) and BASF
Antwerpen N.V. (together referred to as ‘BASF’) by way of a Share Purchase Agreement (‘SPA’).
The proposed transaction envisaged INEOS acquiring sole control over Styrolution by way
of an internal reorganization, post which, INEOS would transfer its shares in Styrolution to INEOS
Styrolution such that INEOS Styrolution would hold the entire shareholding in Styrolution.
CCI observed that INEOS and BASF were global companies involved in the petrochemicals business.

In India, Styrolution operated through its 2 subsidiaries namely Styrolution ABS (India)
Limited and Styrolution India Private Limited (together referred to as ‘Styrolution India’).
Whilst assessing the competitive impact of the proposed transaction, CCI observed the following:

 (i) Styrolution India was engaged in the manufacturing of ABS, Styrene Acrylonitrile

Resin (‘SAN’) polymers and PS while INEOS and BASF do not sell any of these products in India,
other than through Styrolution India; 

(ii) INEOS supplies acrylonitrate (‘ACN’), used in the manufacture of SAN, to Styrolution India which constitute an insignificant proportion of total consumption of ACN in India. INEOS does not supply ACN to any other company in India, and it was therefore unlikely for the said vertical relationship to result in the foreclosure of other companies in India.

Accordingly, given the absence of horizontal product overlap and an insignificant vertical
relationship, CCI concluded that the proposed transaction was unlikely to cause any AAEC in India
and approved the transaction.

For further information, please contact:

Zia Mody, AZB & Partners
zia.mody@azbpartners.com

Abhijit Joshi, AZB & Partners 
abhijit.joshi@azbpartners.com

Shuva Mandal, AZB & Partners 
shuva.mandal@azbpartners.com

Samir Gandhi, AZB & Partners
samir.gandhi@azbpartners.com

Percy Billimoria, AZB & Partners 
percy.billimoria@azbpartners.com

Aditya Bhat, AZB & Partners 
aditya.bhat@azbpartners.com