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Lyondell and Millennium Announce Expected Closing Date for Proposed Business Combination Transaction

Published on 2004-10-05. Author : SpecialChem

HOUSTON and HUNT VALLEY, Md. -- Lyondell Chemical Company (NYSE: LYO) and Millennium Chemicals Inc. (NYSE: MCH) 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 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.

ABOUT LYONDELL

Lyondell, headquartered in Houston, Texas, is a leading producer of: propylene oxide (PO); PO derivatives including propylene glycol (PG), butanediol (BDO) and propylene glycol ethers (PGE); and styrene monomer and MTBE as co-products of PO production. Through its current 70.5 percent interest in Equistar Chemicals, LP, Lyondell also is one of the largest producers of ethylene, propylene and polyethylene in North America and a leading producer of ethylene oxide, ethylene glycol, high value-added specialty polymers and polymeric powder. Through its 58.75 percent interest in LYONDELL-CITGO Refining LP, Lyondell is one of the largest refiners in the United States processing extra heavy Venezuelan crude oil to produce gasoline, low sulfur diesel and jet fuel.

ABOUT MILLENNIUM

Millennium is the second-largest producer of TiO2 in the world, the largest merchant seller of titanium tetrachloride and a producer of silica gel and cadmium-based pigments. It also is the second-largest producer of acetic acid and vinyl acetate monomer in North America, and a leading producer of terpene-based fragrance and flavor chemicals. Millennium currently has a 29.5 percent interest in Equistar.

Source: Millennium Chemicals


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