Lyondell Chemical Company announced that one of its stockholders, Occidental Petroleum Corporation, is offering to sell 10 million of its shares of Lyondell common stock in a registered public offering.
As a part of the offering, Occidental has granted to the underwriters an over-allotment option to purchase up to 1.5 million additional shares of Lyondell common stock owned by it. Lyondell will not receive any of the proceeds from the offering.
Following the offering, Occidental will own approximately 20.3 million shares of Lyondell common stock (or approximately 8.2 percent of shares outstanding at September 30, 2006) or approximately 18.8 million shares if the over-allotment option is exercised.
Occidental also holds a warrant to purchase an additional 5 million shares of Lyondell at $25 per share.
Occidental will be subject to a 90-day "lock-up" period, during which it will be restricted from selling any of its remaining shares or its warrant.
Lyondell Chemical Company
marketing@alchempro.com
