Apollo selling LyondellBasell stake worth $1 billion
06 Dec 2012
LyondellBasell today announced the sale of 21 million of its ordinary shares by Apollo Management Holdings LP and its affiliates at a price of $48.50 apiece to the public.
The share sale is expected to rake in a net $1 billion for Apollo, after deducting discounts and commissions, LyondellBasell said in a release.
The offer is expected to close on 10 December 2012, subject to the satisfaction of customary closing conditions.
The selling shareholders have agreed to a lock-up (subject to certain exceptions) for a period of 30 days after the date of the prospectus supplement for the offer.
LyondellBasell will not receive any proceeds from the offer. The total number of LyondellBasell ordinary shares outstanding will also not change as a result of the offer, the company said.
Barclays acted as the sole underwriter for the offer.
LyondellBasell is one of the world's largest plastics, chemical and refining companies. The company manufactures products for packaging, electronics, automotive parts, home furnishings, construction materials and biofuels at 58 sites in 18 countries.