17 July 2007 11:31 [Source: ICIS news]
The agreed transaction price of $48/share represents a premium of 10% on Lyondell’s closing share price on 16 July, and is 45% higher than the US firm’s stock price on 10 May when Basell’s owners, Access Industries, disclosed an initial interest in the US firm.
The not-unexpected move to acquire the major ?xml:namespace>
Huntsman agreed to an offer from Apollo management owned Hexion Specialty Chemicals on 12 July.
“The combination of Basell and Lyondell creates one of the top chemical companies in the world," said Len Blavatnik, chairman and founder of US-based Access Industries.
“This combination further strengthens Access’ long-term strategic position in the global petrochemical industry," he added.
Basell and Lyondell would have had combined revenues in 2006 of about $34bn and 15,000 employees.
($1 = €0.73)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections