Lyondell and Basell complete $19.4bn merger

20 December 2007 19:23  [Source: ICIS news]

HOUSTON (ICIS news)--Lyondell and Basell completed thier $19.4bn (€13.6bn) merger on Thursday, forming LyondellBasell Industries, the company said.

The merged company is the third largest independent chemical company in the world, LyondellBasell said in a statement.

The merged company will have more than 60 plants in 19 countries. Combined annual revenues were $42.8bn for the 12 months ended 30 September.

"With the combination of Basell and Lyondell, we have created a global leader in the petrochemical industry, with exceptional capabilities in both chemicals and fuels," according to a statement issued by Volker Trautz, chief executive of LyondellBasell.

"Each of our businesses has a long and successful heritage. As we go forward, the values, dedication and ingenuity that made our predecessors strong and successful will remain at the core of our culture," Trautz said.

($1.00 = €0.70)

ICIS Copyright © Reed Business Information 2009

Author: Al Greenwood
+1 713 525 2653

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