Shares of LyondellBasell Industries NV, the largest maker of polypropylene plastic, were priced at $61.50 in the latest sale by Apollo Global Management LLC, the company’s biggest investor.
Apollo’s public offering of 25 million shares were priced at a 1.3 discount to yesterday’s close, said Bobby Verrier, a trader at Zacks & Co. in Springfield, New Jersey. LyondellBasell won’t receive any proceeds from the offering being managed by Goldman Sachs Group Inc., the Rotterdam-based company said in a statement today.
Apollo, run by Leon Black, is selling shares for the fourth time since September, cutting its stake in the chemical maker by almost half. Apollo will own 87.7 million shares of LyondellBasell after the sale, or 15 percent of shares outstanding, according to a sale’s prospectus filed today. Apollo held 171.1 million shares in the second quarter last year, according to data compiled by Bloomberg.
David Harpole, a LyondellBasell spokesman, declined to comment on the offering’s price.
LyondellBasell fell 1.3 percent to $61.51 at 11:21 a.m. in New York. The shares have gained 7.8 percent this year.
Len Blavatnik’s Access Industries Holdings LLC created the company with Access’s $5.7 billion purchase of Basell BV in 2005 and its $12.2 billion purchase of Lyondell Chemical Co. in 2007. The combined company sought bankruptcy protection when it ran short of cash, emerging in April 2010 with Apollo as its largest investor.
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