European Commission clears creation of Inovyn / Governance of chlorvinyls joint venture to be shared

摘要

After the European Commission gave its final approval, Inovyn (London / UK) - a new global chlorvinyls player commonly owned by Ineos (Rolle / Switzerland; www.ineos.com) and Solvay (Brussels / Belgium; www.solvay.com) - officially started operations on 1 July. The final terms of the jv agreement remain materially unchanged from those announced in June last year with Solvay receiving an upfront cash payment of EUR 150m. In addition to contributing the whole of its European chlorovinyl business, Solvay has transferred liabilities estimated at EUR 260m to the jv. In 2018, Solvay will exit Inovyn and receive an additional, performance-based payment targeted to be EUR 280m, with a minimum of EUR 95m. Afterwards, Ineos will be the sole owner of the business.