Lyondell to take over Millennium Chemicals

By Patrick Raleigh, ERJ On-line news editor

Houston, Texas-Lyondell Chemical Co. and Millennium Chemicals Inc. are merging to create what they claim will be North America’s “third-largest independent, publicly-traded chemical producer.”

Under a $2300-million transaction, Millennium shareholders will receive between 0.95 and 1.05 shares of Lyondell common stock for each share of Millennium stock. Lyondell will also pick up about $1300 million of Millennium net debt, as part of the deal, which is expected to close in the third quarter of 2004, Lyondell said 29…

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