Lyondell CEO turns down LyondellBasell chair
15 November 2007 16:25 [Source: ICIS news]
HOUSTON (ICIS news)--Dan Smith, Lydonell's chairman, president and chief executive, has declined an offer to become chairman of the merged LyondellBasell Industries, according to a letter filed on Thursday with US regulators.
Smith will not be part of Lyondell following its proposed $19bn (€13bn) merger with Basell, Smith said in a letter sent to employees.
Lyondell shareholders will vote on the merger on 20 November. If approved, the deal should close in the fourth quarter.
After the closing, Smith will serve briefly in an advisory role.
If approved, the newly merged LyondellBasell will have its corporate headquarters in Rotterdam, the Netherlands.
The company's finance office, chemicals division and fuels division will be based in Houston. It polyolefins division will be in the Netherlands.
Alan Bigman, Basell's current chief financial officer, will serve under the same role for the merged company.
($1 = €0.68)
By: Al Greenwood
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