1,4‐Diketones were prepared by cerium‐catalyzed oxidative coupling of styrene with molecular oxygen and 1,3‐dicarbonyl compounds. This two‐step sequence was performed as a one‐pot procedure without isolation of the intermediate products. The first step is a metal‐catalyzed radical reaction yielding 3‐hydroxy‐1,2‐dioxane derivatives being the cyclotautomers of initially formed 4‐hydroperoxy ketones. In the second step of this sequence, these endoperoxides are converted with AcCl–pyridine by Kornblum–DeLaMare fragmentation into the 1,4‐dicarbonyl motif. Several intermediate 1,2‐dioxane derivatives could be isolated and structurally characterized by X‐ray crystallography. (© Wiley‐VCH Verlag GmbH & Co. KGaA, 69451 Weinheim, Germany, 2005)