EU approves Basell's acquisition of Lyondell

Oct 26, 2007 02:00 AM

The world's leading producer of polyolefins Basell won approval from the European Union (EU) to buy the US chemical company Lyondell for roughly $ 19 bn (EUR 12.8 bn). The European Commission, the EU's antitrust watchdog, gave its green light to the deal after finding that the proposed transaction would not impede effective competition on the market.
"The parties' activities in Europe are largely complementary due to their different production focuses," the commission said.

Basell, headquartered in Hoofddorp, the Netherlands, is the global leader in polyolefin technology, production and marketing. It is the largest producer of polypropylene and advanced polyolefin products and a leading supplier of polyethylene and catalysts. In addition, the company also involves in licensing of polyolefin technologies.
The US company Lyondell, headquartered in Houston, Texas, is North America's third-largest independent, publicly traded chemical company. Lyondell is a leading global manufacturer of chemicals and plastics, a refiner of heavy, high-sulphur crude oil and a significant producer of fuel products.

The two companies announced their merger deal in July, in which Basell would spend approximately $ 19 bn (EUR 12.8 bn) in cash to buy Lyondell, including the assumption of debt.
Basell hoped the acquisition of Lyondell would complement and further strengthen its polyolefins business.

Source / Xinhua News Agency
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