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Basell to Buy Lyondell Chemical for $12.7 Billion
8:53 AM MDT | September 5, 2007 | Peck Hwee Sim and Kerri Walsh
Peck Hwee Sim and Kerri Walsh
Basell has agreed to acquire Lyondell Chemical for $12.7 billion in an all-cash transaction. Basell says it has offered Lyondell $48/share, a 20% premium to Lyondell’s July 16 closing share price. The total value of the deal including debt is about $19 billion, Basell says. Lyondell says it has accepted Basell’s offer. Smith: ‘People miscalculate Lyondell.’ The deal will nearly triple the size of Basell from about $12 billion in revenues, to $34 billion. Analysts say they view the businesses as complementary. Lyondell sells more than...
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