15 May 2007 00:11 [Source: ICIS news]
By Joseph Chang
NEW YORK (ICIS news)--Access Industries, led by chairman Len Blavatnik, will evaluate all its options with its right to acquire an 8.3% stake in Lyondell Chemical, including merging the company with Basell, said a source close to Access Industries on Monday.
“Blavatnik views Lyondell as a strategic investment and will consider the full range of options,” said the source. "He likes the company, is familiar with the industry, and is leaving his options open.”
Access Industries “may seek to engage in discussions with [Lyondell] concerning, among other possible scenarios, the merits of an offer to acquire all of the shares of [Lyondell] and the merits of a merger, combination or similar transaction between [Lyondell] and affiliates of Newco, including Access or Basell Holdings,” stated AI Chemical Investments in an 11 May filing with the US Securities and Exchange Commission.
On 9 May, Access Industries entered into a forward swap agreement with Merrill Lynch, giving it the right to buy 20,990,070 shares of Lyondell at a price of $32.113/share. Access Industries has until April 2008 to exercise its right.
Look for the full story on Access Industries and Lyondell in the 14 May issue of ICIS Chemical Business Americas.
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