By Tess Stynes
LyondellBasell Industries NV said shareholders approved a
proposal to repurchase an additional 10% of the plastic, chemical
and refining company's shares and its supervisory board approved a
17% increase in its quarterly dividend.
The payout to shareholders will increase to 70 cents a share, up
from the company's first-quarter dividend of 60 cents a share. The
company's market value is about $49 billion.
Chief Executive Jim Gallogly said the company has already
repurchased about 46 million shares to date and expects to have
repurchased the entire 10% of its original authority given by
shareholders in 2013 by the end of May.
LyondellBasell emerged from Chapter 11 bankruptcy in 2010.
The latest repurchase program and the dividend increase reflect
the company's "outlook, capital growth program, strong free cash
flow profile and our commitment to returning cash directly to our
shareholders via share repurchases," Mr. Gallogly added.
As of Tuesday, LyondellBasell had about 530 million shares
outstanding.
LyondellBasell in January reported that its fourth-quarter
earnings soared 86% on improved profitability across all key
business segments. The company has been pressured by weak economic
conditions in Europe, which have hit its olefins and commodity
polyolefin businesses in the region.
Write to Tess Stynes at tess.stynes@wsj.com
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