Lyondell sued over purported low value of Basell deal

27-Jul-07
A labor union pension fund has sued Lyondell Chemical Co. for entering into a deal to sell the company for what it said is too low a price. The Plumbers and Pipefitters Local 51 pension fund claims the company and its board could have done more to find a better price but instead rushed to accept an offer by Dutch chemical company Basell Holdings. In a suit filed Monday, the group asked the state District Court in Harris County to block the deal. The pension fund is seeking class-action status on behalf of Lyondell stockholders.
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