Polymer blend comprising components A, B and C: A: 1 to 19.5% by weight of an elastomeric block copolymer A based on styrene (S-TPE); B: 0.5 to 8% by weight of a compatibilizer component B; and C: 80 to 98.5% by weight of at least one semi-crystalline olefin homo- or copolymer C. The invention further relates to a composition comprising thermoplastic elastomers based on styrene (S-TPE) for use as compatibilizer of S-TPE block copolymers and polyolefins, a process for the preparation of the polymer blend, a master batch for the preparation of the polymer blend, and single- and multilayer films comprising said polymer blend and their use for food packaging and as shrink hood.