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People & Business :: Earnings/Finance
LyondellBasell Selling New Stock
2:42 PM MDT | September 4, 2012 | Vincent Valk
LyondellBasell’s owners are selling 17.5 million new shares of common stock in conjunction with its listing on the S&P 500, which was announced last week. The new shares will “satisfy a portion of the index-based demand for the company’s ordinary shares as a result of the inclusion,” LyondellBasell says. The shares will be sold by Access Industries and the private equity firm Apollo Management, LyondellBasell’s two largest shareholders. The sale will decrease Apollo and Access’ stakes in the company to 27.4% and...
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