Oct 5 2004
Lyondell Chemical Company and Millennium Chemicals Inc. today announced that they expect their proposed business combination transaction to close December 1, 2004.
The companies have set November 30, 2004 as the date for their respective special shareholder meetings to consider the proposed transaction and, assuming shareholder approval, the transaction is expected to close the following day. The registration statement was declared effective October 1, 2004, and shareholders of record at the close of business on Thursday, October 14, 2004 will be entitled to notice of and to vote at the special meetings.
The companies today are giving the New York Stock Exchange the required 10 days' advance notice of the record date. Once the record date has passed, they will print and mail the joint proxy statement to Lyondell and Millennium shareholders and provide adequate time for shareholder consideration of the proposal.
The proposed transaction is a stock-for-stock business combination of the companies which will create North America's third-largest independent, publicly traded chemical producer with combined pro forma 2003 revenues of more than $11 billion and market capitalization of $5.5 billion.
After the close of the proposed transaction, the company will be called "Lyondell Chemical Company" and will be headquartered in Houston, Texas.
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