Occidental sells remaining Lyondell shares

12 July 2007 14:34  [Source: ICIS news]

TORONTO (ICIS news)--Occidental Petroleum said on Thursday that it has sold its remaining 14m shares in US petrochemicals and refining firm Lyondell.

 

Occidental sold the shares in open market transactions from 21 May through until 10 July, it said in a regulatory filing.

 

The filing did not disclose the price at which the shares were sold.

 

The US oil and gas firm announced in May that it had sold 7m Lyondell shares in a private deal and had agreed a swap deal to sell its remaining 14m shares for around $32/share, with total proceeds expected at $520m.

 

Lyondell's shares closed at $38.48, up 0.73%, on Wednesday on the New York Stock Exchange. This compares with a closing price of $33.07 on 10 May, the day before Occidental's announcement.

By: Stefan Baumgarten
+1 713 525 2653

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