By Lisa Kerner
Charlotte, N.C., July 17 - Lyondell Chemical Co. agreed to be acquired by Basell for $48.00 per common share in an all-cash transaction valued at some $19 billion including debt.
The per-share price is a 20% premium to Lyondell's closing share price on July 16.
Both companies' boards of directors have approved the transaction, which is expected to close within the next several months.
"We believe this transaction offers significant value for Lyondell's shareholders," Lyondell chairman, president and chief executive officer Dan F. Smith said in a company news release.
Lyondell is a Houston-based chemical manufacturing company.
Basell produces polypropylene and advanced polyolefin products. Based in Hoofddorp, the Netherlands, Basell is privately owned by Access Industries.
| Acquirer: | Basell
|
| Target: | Lyondell Chemical Co.
|
| Transaction total: | $19 billion
|
| Price per share: | $48.00
|
| Announcement date: | July 17
|
| Expected closing: | Within the next several months
|
| Stock price for target: | NYSE: LYO: $40.12 on July 16
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
