08 October 2010 16:00 [Source: ICIS news]
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HOUSTON (ICIS)--LyondellBasell's debut on the New York Stock Exchange (NYSE) would place it among the largest publicly-traded chemical companies in the US, according to its share price on Friday.
LyondellBasell's shares have been approved for listing on the NYSE, and shares of its common stock are expected to begin trading on 14 October.
LyondellBasell stock was trading at $24.85/share over the counter in Friday morning trading.
Based on the company's 566m outstanding shares, the price would give LyondellBasell a market capitalisation of $14bn (€10bn), slightly more than US paints and coatings producer PPG Industries.
Majors Dow Chemical and DuPont are twice as large in terms of market capitalisation. Nonetheless, LyondellBasell still ranks among the top of the US chemical producers.
"We have achieved a significant milestone in establishing our foundation for the future through the listing of LyondellBasell shares on the New York Stock Exchange," said LyondellBasell CEO Jim Gallogly.
The company’s Class A ordinary shares would trade under the symbol LYB and Class B ordinary shares under the LYB.B symbol, the company said.
LyondellBasell has approximately 566m ordinary shares outstanding, including about 337m Class A ordinary shares and 229m Class B ordinary shares, it said.
($1 = €0.72)
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