Apollo Management selling 16 mn shares of LyondellBasell

Petrochemicals major LyondellBasell on Wednesday announced the pricing of an underwritten public offering of 16 million of its ordinary shares by certain shareholder affiliates of Apollo Management Holdings LP.

The offer, which opened on Wednesday, is expected to close on 9 September 2013, subject to satisfaction of customary closing conditions, LyondellBasell said in a release.

The equity sale is subject to a lock-in for 30 days after the date of issue of the prospectus for the offering, with certain exceptions, LyondellBasell said in the release.

LyondellBasell will not receive any proceeds from the offering and the total number of LyondellBasell ordinary shares outstanding will also not change as a result of the offering, the company said.

Citigroup Global Markets Inc acted as the sole underwriter for the offer.

LyondellBasell is one of the world's largest plastics, chemical and refining companies and a member of the S&P 500. The company manufactures products at 58 sites across 18 countries.