The Mukaiyama aldol reaction between the functionalised aldehydes 5 and the S‐ketene silyl acetal 2 catalysed by 1,1′‐binaphthyl‐derived chiral titanium(IV) complex 4 afforded the corresponding aldol products 6 in good yields and with good to excellent enantioselectivities. The chemical yield could further be enhanced, without loss of stereoselection, by addition of phenol and/or molecular sieves. The presented aldol reactions with aluminium, boron and ytterbium‐BINOL catalysts demonstrate that only low chiral induction can be achieved. Aldol product 6a was converted into an α‐lipoic acid precursor 8, thus providing a formal synthesis of this biologically active compound. (© Wiley‐VCH Verlag GmbH, 69451 Weinheim, Germany, 2002)