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LyondellBasell Moving Tax Home to U.K. From Netherlands

LyondellBasell Industries NV, the world’s largest producer of polypropylene, said it’s moving its tax residence to the U.K. from the Netherlands to avoid payments on dividends and gain flexibility in managing cash.

The change is expected to take effect in the third quarter, Rotterdam-based LyondellBasell said today in a regulatory filing. The move eliminates a 15 percent withholding tax on payouts to shareholders, enables more flexibility to fund stock repurchases, and allows cash from more profitable U.S. operations to be moved around the world more easily, said David Harpole, a Houston-based company spokesman.