Basell completes acquisition of Lyondell - creating world's third-largest independent chemical maker

Dutch chemical and plastics maker Basell has completed acquisition of Houston's Lyondell Chemical Co., creating the world's third-largest independent chemical company. The combined company will have its corporate headquarters in Hoofddorp, Netherlands, until this summer when it will move to Rotterdam. The transaction, between Europe's leading petrochemical companies and a North American company manufacturing chemicals used in Basell products and owns a large oil refinery in Houston, was initially announced in July. Basell, which is owned by privately held Access Industries, acquired Lyondell's outstanding common shares for US$48 each in an all-cash transaction, which, with debt assumed by Basell, is valued at roughly US$20 bln.
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