LyondellBasell Secondary Share Issue Floated

Before you go, we thought you'd like these...
Before you go close icon

A chunk of LyondellBasell shares are hitting the market. Major shareholders are teaming up to sell 15 million of the company's shares in an underwritten public offering priced at $74.10 per share. Those investors have been identified by the company as affiliates of Apollo Global Management  subsidiary Apollo Management Holdings.

In the press release announcing the news, LyondellBasell stressed that it will receive no part of the issue's estimated net proceeds of $1.1 billion, as it is not a selling party.

Barclays unit Barclays Capital is the underwriter of the offering, which is expected to close on Wednesday.

At the moment, LyondellBasell has a little more than 567 million shares outstanding, and its stock most recently closed at $79.93 per share.

The article LyondellBasell Secondary Share Issue Floated originally appeared on

Fool contributor Eric Volkman has no position in any stocks mentioned, and neither does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

People are Reading