EU Regulators Clear Basell Bid For Lyondell
January 8, 2008
European Union antitrust regulators cleared Basell''s $12.6 billion acquisition of its U.S. rival Lyondell Chemical Co., a deal that will create one of the world''s largest chemical companies, according to the Associated Press. The European Commission said the 8.79-billion euro buyout did not pose any competition concerns. Lyondell, based in Houston, Texas, produces ethylene and propylene oxide, used to produce of variety of chemicals or chemical products. Basell, with headquarters in the Netherlands, is owned by U.S.-based Access Industries, a private industrial holding company founded by industrialist Len Blavatnik, who serves as chairman. The combined Basell-Lyondell would have annual revenue of more than $34 billion and more than 15,000 employees around the world, the companies said. By comparison, Dow Chemical Co., the largest U.S. chemical company and second globally behind Germany''s BASF AG, had sales last year of roughly $50 billion.