Apollo plans to cut LyondellBasell stake

LyondellBasell Industries says that private equity firm Apollo Management plans to sell a further 21 million shares in the company, about 3.7% of outstanding shares, through an underwritten offering. Barclays Capital is acting as underwriter. The price was set at $48.50/share. Net proceeds to Apollo, after deducting discounts and commissions, will be approximately $1 billion. The offering closed on 10 December. LyondellBasell will not receive any proceeds from the...

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