Abstract
After a nearly three-year, and often eventful, hiatus, LyondellBasell Industries last week started trading once again on the New York Stock Exchange (NYSE). James L. Gallogly, the former Chevron Phillips Chemical CEO who was tapped last year to head LyondellBasell, calls the NYSE listing a milestone. “Listing here will provide a more liquid and transparent mechanism for investors wanting to own shares in one of the world’s premier chemical companies,” he says. Lyondell traded publicly until December 2007, when Basell, then owned by the industrial holding company Access Industries, purchased it for about $20 billion. In early 2009, LyondellBasell fell victim to the credit crunch and filed for bankruptcy. After fending off takeover overtures from India’s Reliance Industries, LyondellBasell emerged from bankruptcy in April. Its largest shareholder is the private equity firm Apollo Management, which has a 29.2% stake. Access Industries has a 9.9% interest. With 2009 revenues of $30.8 billion, LyondellBasell i...
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