14 October 2010 14:11 [Source: ICIS news]
TORONTO (ICIS)--LyondellBasell’s shares began trading on the New York Stock Exchange (NYSE) on Thursday.
The listing comes after the leading global chemicals and plastics major emerged from
"Today LyondellBasell begins writing yet another chapter in our history - as a New York Stock Exchange-listed company," said CEO Jim Gallogly.
“Having our shares listed on the NYSE provides investors with a more liquid and transparent mechanism to own our stock," he added.
LyondellBasell's market capitalisation was about $15bn (€11bn), ranking it among the largest chemical company stocks on the NYSE, the company said.
The company was created in 2007 with the merger of Lyondell Chemical and Basell to form the world's third-largest independent chemical company. In January 2009, it filed for bankruptcy protection amid the global financial crisis and the economic downturn.
LyondellBasell has approximately 566m ordinary shares outstanding, including approximately 343m Class A ordinary shares and approximately 223m Class B ordinary shares.
The Class A ordinary shares trade under the symbol LYB, and the Class B ordinary shares under the symbol LYB.B.
($1 = €0.72)
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