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EU has recognized purchase Basell Lyondell Chemical for $19 billion
27 October 2007European Union has approved purchase of American petrochemical company Lyondell Chemical Co. by the Netherlands polypropylene manufacturer Basell AF for 19 billion dollars.
Eurocommission considers that the transaction will not put damage of a competition in the European market.
Basell belongs to Access Industries.
Basell will get Lyondell Chemical Co. at the price of 48 dollars per share. The sum of the transaction (in view of promissory notes) will make 19 billion dollars. Transaction is approved by both companies’ boards of directors.
In result of the transaction one of the world’s largest chemical companies with annual proceeds more than 30 billion dollars, in which nearby 15 thousand employees will work, will be created.
Purchase of Lyondell Chemical has started on May, 11th, 2007, when company AI Chemical Investments has entered into the agreement with American bank Merrill Lynch and Co. Inc. about purchase of 8,3 % of Lyondell Chemical Co.’s shares for 674,05 million dollars. Then, according to the terms of agreement, AI Chemical has acquired the right to purchase 20 million 990 thousand 70 shares of Lyondell Chemical at the price of 32,113 dollars per share.
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