LyondellBasell Added to S&P 500

LyondellBasell’s largest shareholder, private equity firm Apollo Management, is selling 17.5 million new shares of common stock in conjunction with the company’s listing on the S&P 500, which was announced on August 30. The new shares, priced at $46.94/share, will “satisfy a portion of the index-based demand for the company’s ordinary shares as a result of the inclusion,” LyondellBasell says. The sale will decrease Apollo’s stake in the company to 27.4%, and raise proceeds of $821.3 million. Before the sale, Apollo owned 29.8% of LyondellBasell...

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