Abstract
LESS THAN A WEEK after it lost out to Hexion Specialty Chemicals in a bid for Huntsman Corp., Basell has rebounded with an agreement to buy Lyondell Chemical. The transaction, valued at more than $19 billion, will be one of the largest mergers in the history of the chemical industry. Basell, which is owned by the privately held industrial group Access Industries, is offering $48 per share for the company, a 20% premium over the closing share price on July 16, the day before the deal was announced. The transaction values Lyondell's stock at $12.7 billion, and Basell will assume Lyondell's $6.5 billion debt. The combined company would have had chemical revenues of $32.7 billion in 2006, ranking it as the sixth-largest chemical company in the just behind Ineos Group. This combination further strengthens Access' long-term strategic position as one of the top chemical companies in the world, says Len Blavatnik, the founder and ...
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