UPDATE 1-Ineos buys out BASF for full control of Styrolution JV
* Ineos buys 50 pct in Styrolution for 1.1 bln eur
* Ineos used option as part of 2011 JV agreement
* Styrolution had EBITDA of 442 mln euros in 2013 (Adds joint venture earnings figures)
FRANKFURT, June 30 (Reuters) - Petrochemicals group Ineos has agreed to buy BASF's 50 percent stake in German plastics maker Styrolution for 1.1 billion euros ($1.5 billion) to take full control of the company, they said on Monday.
As part of a joint-venture agreement struck in October 2011, Ineos had the right to buy BASF's 50 percent of Styrolution, a maker of plastics used in car front grills, food packaging and Lego and Playmobil toys, from February this year onwards.
Styrolution will continue to operate as an independent company until completion of the deal, which is expected in the fourth quarter, the companies said in a joint statement.
Styrolution said in February that its adjusted core earnings jumped by almost a third in 2013, as it continued to reap the benefits of merging BASF and Ineos' two styrenic businesses.
Styrolution said at the time it was aiming for a slight increase in earnings before interest, taxes, depreciation and amortisation (EBITDA) compared to the 442 million euros chalked up in 2013. ($1 = 0.7331 euros) (Reporting by Ludwig Burger; Editing by Christoph Steitz and Susan Fenton)