Deals
Blavatnik Made $1.2 Billion in Lyondell LBO, Lawsuit Says
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The leveraged buyout of Lyondell Chemical Co. in 2007 benefited the company’s board as well as billionaire Len Blavatnik, who gained $1.2 billion, according to a revised lawsuit brought by the company’s creditors.
Lyondell Chairman Dan F. Smith netted more than $100 million from the $22 billion merger with a unit of Blavatnik’s Access Industries Holdings LLC, a deal that drove Lyondell into bankruptcy in 2009, according to the complaint filed in yesterday in U.S. Bankruptcy Court in Manhattan.