Nov 2 2007
Basell and Lyondell Chemical Company jointly announced today their plans for naming the company which will result from their planned merger. Following completion of the merger transaction, the newly combined company will be named LyondellBasell Industries.
Lyondell announced Sept. 25 that a special meeting of its shareholders has been scheduled for Tuesday, November 20 to vote on the proposal to adopt the Agreement and Plan of Merger, dated as of July 16, 2007, among Basell AF, BIL Acquisition Holdings Limited and Lyondell.
“The new name will keep two well respected names in the forefront of the polyolefins, chemicals and refining industries,” said Volker Trautz, Chief Executive Officer of Basell.
“We are positioning our expanded company for a bold future, while at the same time retaining important links to the past that are valued by our customers, our employees, our partners, investors and the communities in which we operate,” said Dan F. Smith, Chairman, President and Chief Executive Officer of Lyondell.
Both companies said that the LyondellBasell brand will be rolled out after the closure of the transaction, which is expected to take place in the fourth quarter 2007.