Lyondell Completes Acquisition of Millennium
Chemical Week Associates
Dec 01, 2004
Lyondell Chemical says it has completed its acquisition of Millennium Chemicals. Shareholders of both companies approved the proposed transaction in special meetings and the closing was effective after the close of New York Stock Exchange trading on November 30.
The deal creates North America's third-largest independent, publicly traded chemical company with consolidated pro forma 2003 revenues of $11.4 billion and current market capitalization of more than $6.5 billion. The company will operate as Lyondell Chemical with headquarters in Houston. With the completion of the deal, both Millennium and Equistar Chemicals are now wholly owned Lyondell subsidiaries.
Lyondell adds global positions in propylene oxide and derivatives, plus titanium dioxide (TiO2), as well as leading North American positions in ethylene, propylene, polyethylene, aromatics, acetic acid and vinyl acetate monomer.
"Lyondell has achieved the global depth and breadth necessary for long- term success in the global chemical industry," says Dan F. Smith, president and CEO of Lyondell. "Operationally, Equistar has been an integrated part of the Lyondell enterprise since its inception. But now, because we will report consolidated earnings for three wholly owned businesses, the true size of the Lyondell enterprise will be more apparent."
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