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Basell Owner Buys Shares in Lyondell

1:12 PM MDT | August 29, 2007 |

Kerri Walsh

Russian industrialist Leonard Blavatnik, who controls Basell’s owner Access Industries, has bought $175.58 million in shares of Lyondell Chemical for an average of $44.21/share, according to SEC filings. Basell agreed to buy Lyondell for $48/share in July (CW, July 25, p. 8). Blavatnik’s move is in line with plans by other executives to buy shares in their own companies at lower prices than the takeover offers, according to a recent Wall Street Journal article. Such moves signal shareholders that deals will be completed despite tough credit...

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