Dutch LyondellBasell to pay up to $2.6bn dividend

04 November 2011 18:02  [Source: ICIS news]

HOUSTON (ICIS)--LyondellBasell plans to pay its shareholders up to $2.6bn (€1.9bn) in dividends, the Netherlands-based olefins and polyolefins producer said on Friday.

The company said it planned to use available cash and net proceeds from up to $1bn of senior notes due on 2021 to pay the dividend.

Apollo Management Holdings was listed as LyondellBasell’s largest shareholder as of 1 September, with 28.8% of the shares, followed affiliates of Access Industries, with 15.8%.

LyondellBasell’s third-quarter net income almost doubled year on year to $895m on a strong performance across its chemicals portfolio.

Shares of LyondellBasell sold on Friday at $34.97, up 51 cents, at 12:54 hours Houston time (17:54 hours GMT) on the New York Stock Exchange.

Additional reporting by Al Greenwood

($1 = €0.72)

By: Brian Ford
+1 713 525 2653

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