Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

LyondellBasell Shares Priced at $61.50 in Apollo's Offer

Feb. 14 (Bloomberg) -- 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 1.8 percent to $61.17 at the close in New York. The shares have gained 7.2 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.

To contact the reporters on this story: Jack Kaskey in Houston at jkaskey@bloomberg.net; Clyde Eltzroth in New York at celtzroth1@bloomberg.net

To contact the editor responsible for this story: Simon Casey at scasey4@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.