UpdateLyondellBasell shares move higher in NYSE debut

14 October 2010 21:31  [Source: ICIS news]

Trading floor of the New York Stock Exchange(adds paragraphs 1-3)

HOUSTON (ICIS)--Shares of LyondellBasell closed slightly higher on Thursday in the chemical major’s debut as a listed company on the New York Stock Exchange (NYSE).

LyondellBasell’s class A ordinary shares, which trade under the symbol LYB, moved up by 5 cents, or 0.2%, to $27.02/share. Meanwhile, Class B ordinary shares - LYB.B - traded higher by 12 cents, or 0.5%, to $27.07/share.

The gains came despite slight declines in the Dow Jones Industrial Average, Standard & Poor’s (S&P) 500 and Nasdaq indexes.

LyondellBasell’s listing came after the leading global chemicals and plastics major emerged from US bankruptcy protection in April this year.

"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 about 566m ordinary shares outstanding, including approximately 343m Class A shares and 223m Class B shares.

Additional reporting by Stefan Baumgarten in Toronto

($1 = €0.72)

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By: Ben DuBose
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