Conversion of Millennium 4% Convertible Senior Debentures
03 Diciembre 2007 - 9:00AM
PR Newswire (US)
HOUSTON, Dec. 3 /PRNewswire-FirstCall/ -- As previously announced,
shareholders of Lyondell Chemical Company (NYSE:LYO) have approved
the Agreement and Plan of Merger, dated as of July 16, 2007, among
Basell AF S.C.A., BIL Acquisition Holdings Limited and Lyondell,
and the closing of the transaction is anticipated to occur on or
about Dec. 20, 2007. Pursuant to the transaction, Lyondell common
stock will be converted into cash at $48 per share upon the
closing. In accordance with the indenture governing the 4%
Convertible Senior Debentures (CUSIP No. 599903AB7) (the
"Convertible Notes") issued by Millennium Chemicals Inc., holders
may surrender the Convertible Notes for conversion at any time up
to and including the date 15 days after the actual closing date of
the transaction. About Lyondell Lyondell Chemical Company,
headquartered in Houston, Texas, is North America's third-largest
independent, publicly traded chemical company. Lyondell is a
leading global manufacturer of chemicals and plastics, a refiner of
heavy, high-sulfur crude oil and a significant producer of fuel
products. Key products include ethylene, polyethylene, styrene,
propylene, propylene oxide, gasoline, ultra low-sulfur diesel, MTBE
and ETBE. Forward-Looking Statements The statements in this release
relating to matters that are not historical facts are
forward-looking statements. These forward-looking statements are
based upon the current beliefs and expectations of management, and
are subject to significant risks and uncertainties. Actual results
could differ materially based on factors including, but not limited
to, Lyondell's ability to implement its business strategies,
including the ability of Lyondell and Basell to complete the
proposed merger; availability, cost and price volatility of raw
materials and utilities; supply/demand balances; industry
production capacities and operating rates; uncertainties associated
with the U.S. and worldwide economies; legal, tax and environmental
proceedings; cyclical nature of the chemical and refining
industries; operating interruptions; current and potential
governmental regulatory actions; terrorist acts; international
political unrest; competitive products and pricing; technological
developments; risks of doing business outside of the U.S.; access
to capital markets; and other risk factors. Additional factors that
could cause results to differ materially from those described in
the forward-looking statements can be found in the Lyondell,
Equistar and Millennium Annual Reports on Form 10-K for the year
ended December 31, 2006 and Quarterly Reports on Form 10-Q for the
quarter ended September 30, 2007. DATASOURCE: Lyondell Chemical
Company; Millennium Chemicals Inc. CONTACT: Media, Susan Moore,
+1-713-309-4645, or Investors, Douglas J. Pike, +1-713-309-7141,
both for Lyondell Chemical Company; Millennium Chemicals Inc. Web
site: http://www.lyondell.com/
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