Basell, owned by Access Industries, a U.S. based industrial group, has agreed to acquire Lyondell for US$48 per share in an all-cash transaction. Basell is the world's largest producer of polypropylene and advanced polyolefin products, with a largely European base focused on polypropylene. Lyondell's three business segments will complement and significantly strengthen Basell's North American chemical operations and will offer Basell competitively positioned assets, access to raw material and refining capacity. The combination of Basell and Lyondell is expected to strengthen Basell's long-term strategic position in the global petrochemical industry.
The sale of Lyondell Chemical Co. to Dutch chemical company Basell is not expected to have an immediate effect on Lyondell's plant west of Tuscola. The plant, which opened in 1953, makes ethyl alcohol, diethyl ether and polyethylene used in a variety of products.