IHS Chemical Week

People & Business :: Earnings/Finance

Apollo to sell more LyondellBasell shares

3:17 PM MDT | July 31, 2013 | Vincent Valk

Private equity firm Apollo Management, LyondellBasell’s largest shareholder, is selling 25 million shares, 16.5 million of them in a public offering, the company says. Apollo has also agreed to sell 8.5 million addition shares in a private sale. The sale of the shares, including the private offering, will reduce Apollo's stake from 12.5% to 8.1%.  LyondellBasell will receive no proceeds from the sales, and the total number of the company’s shares outstanding, currently 576 million, will not change on account of them. LyondellBasell shares closed...

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