04 September 2012 13:51 [Source: ICIS news]
LONDON (ICIS)--LyondellBasell said on Tuesday that two of its key stakeholders are to sell 17.5m shares in the company as the US-listed Netherlands chemical firm prepares to join the S&P 500 index.
US private equity firm Apollo Global Management and US industrial group Access Industries are to sell the shares on the back of a jump in LyondellBasell’s share price since the announcement last week that it would be replacing Sears in the S&P 500.
If the shares were to change hands at the current market price of $48.84 (€38.58) apiece, the sale would raise $854.7m in total. The company will also grant underwriters on the issue a 30-day option to purchase up to 2.625m additional ordinary shares.
The S&P 500 is a stock market index maintained by ratings agency Standard & Poor’s, based on the common stock prices of 500 top companies traded on stock exchanges in the US. LyondellBasell will join the S&P 500 when markets close today.
The company’s market capitalisation – a measure of the value of a company’s outstanding shares – currently stands at $27.6bn.
($1 = €0.79)
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