Basell AF and Lyondell Chemical Company completed their merger, creating LyondellBasell Industries, the world's third-largest independent chemical company.
LyondellBasell businesses include polymers, chemicals, fuels and technology with combined pro forma revenues of nearly US$43 billion for the 12 months ending Sept. 30, 2007.
The company has 60 manufacturing sites in 19 countries on five continents and nearly 15,000 employees worldwide.
"With the combination of Basell and Lyondell, we have created a global leader in the petrochemical industry, with exceptional capabilities in both chemicals and fuels," said Volker Trautz, Chief Executive Officer of LyondellBasell.
"Each of our businesses has a long and successful heritage. As we go forward, the values, dedication and ingenuity that made our predecessors strong and successful will remain at the core of our culture."
Basell, which is owned by Access Industries, acquired Lyondell's outstanding common shares for $48 per common share in an all-cash transaction with a total enterprise value of approximately $20 billion, including the assumption of debt.
LyondellBasell is the global leader in polyolefin technology, production and marketing. It is the largest producer of polypropylene and advanced polyolefin products, a leading supplier of polyethylene and catalysts, and the industry leader in licensing polypropylene and polyethylene processes.
The company also is an industry leader in propylene oxide and derivatives and a leading producer of advanced fuel products. Its North American refinery is among the most advanced heavy crude oil refineries in the industry.
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