LyondellBasell misses Q3 goal to be listed on NYSE

30 September 2010 21:25  [Source: ICIS news]

HOUSTON (ICIS)--LyondellBasell missed a third-quarter goal to be publicly listed on the New York Stock Exchange (NYSE), as the three-month period ended on Thursday.

In fact, LyondellBasell was not at the exchange during its opening-bell ceremony. Instead, that distinction went to McDonald's, the fast-food chain.

LyondellBasell announced the third-quarter goal on 30 April, when the company emerged from Chapter 11 bankruptcy protection.

LyondellBasell spokesman David Harpole said the timing of the public listing would be determined by the Securities and Exchange Commission (SEC).

The SEC said it does not comment on the progress of specific public listings.

Meanwhile, shares of LyondellBasell continue to be traded over the counter (OTC), as they have been since late April, Harpole said.

About 566m shares are outstanding, with average daily trading exceeding 3m/day since 1 May, Harpole said.

LyondellBasell's market capitalisation is now more than $12bn (€9bn), he said.

Shares of LyondellBasell traded at $23.77 as of 15:47 hours New York time (20:47 GMT), up 0.55% on the day.

($1 = €0.73)

For more on LyondellBasell visit ICIS company intelligence
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By: Al Greenwood
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