Following clearance by the European Commission,Ineos Group has successfully completed its agreement with Lanxess to establish a new joint venture through which it is to take over the operation of the Lanxess ABS plastics business,Lustran Polymers. As part of the first stage of this agreement,Ineos acquired a 51% majority share in the new business,to be called Ineos ABS. Lanxess will hold purely financial interest in the joint venture,while the operating business will be by Ineos. The remaining 49% share will be acquired by Ineos at the end of September 2009.
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