Apollo to sell LyondellBasell shares, cutting stake to 23%

Apollo Management plans to sell 20 million shares of LyondellBasell in a public offering. The sale was expected to close on 7 November. 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. Deutsche Bank, the deal underwriter, agreed to purchase the shares from Apollo for $53.30/share. LyondellBasell...

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