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Apollo to sell 20 million LyondellBasell shares, cutting stake to 23%

10:03 AM MDT | November 2, 2012 | Robert Westervelt

Apollo Management plans to sell 20 million shares of LyondellBasell in a public offering, according to LyondellBasell. The timing of the sale was not disclosed. Apollo currently owns 153.7 million shares in LyondellBasell, or a 26.7% stake, following its sale of 17.5 million LyondellBasell shares in early September. If completed, the sale of 20 million shares would reduce Apollo’s stake in LyondellBasell to 23.2% based on the number of shares outstanding on 30 September. Shares in LyondellBasell are currently trading at around $53, after falling by about 3%...

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