HOUSTON and LONDON, June 4,
2019 /PRNewswire/ -- LyondellBasell (NYSE:
LYB), one of the largest plastics, chemicals and refining
companies in the world, today announced it has ended discussions
with Odebrecht S.A. concerning the potential acquisition of
Braskem. Odebrecht S.A. is the controlling shareholder of São
Paulo-based Braskem.
"The combination of LyondellBasell and Braskem is compelling
because of the companies' complementary strengths, product
portfolios and operational footprints. However, after careful
consideration, we jointly decided not to pursue the transaction. We
want to thank the teams at Odebrecht and Braskem for their
cooperation during the entire process," said LyondellBasell CEO
Bob Patel.
"We remain focused on advancing our disciplined, value-driven
growth strategy. In addition, we intend to expedite our share
repurchase program, which currently allows for the repurchase of up
to 37 million of our outstanding shares. Our strong cash flows,
ample liquidity, and healthy balance sheet allow us to deliver a
growing, top-quartile dividend, advance organic growth, and
maintain optionality for M&A opportunities while executing
these significant opportunistic share repurchases," said Patel.
About LyondellBasell
LyondellBasell (NYSE: LYB) is one of the largest plastics,
chemicals and refining companies in the world. Driven by its
employees around the globe, LyondellBasell produces materials and
products that are key to advancing solutions to modern
challenges like enhancing food safety through lightweight and
flexible packaging, protecting the purity of water supplies through
stronger and more versatile pipes, improving the safety, comfort
and fuel efficiency of many of the cars and trucks on the road, and
ensuring the safe and effective functionality in electronics and
appliances. LyondellBasell sells products into more than 100
countries and is the world's largest producer of polypropylene
compounds and the largest licensor of polyolefin technologies. In
2019, LyondellBasell was named to Fortune magazine's list of the
"World's Most Admired Companies." More information about
LyondellBasell can be found at www.LyondellBasell.com.
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 assumptions of management
which are believed to be reasonable at the time made and are
subject to significant risks and uncertainties. The amount and
timing of future share repurchases will depend on, and be subject
to, market conditions, general economic conditions, applicable
legal requirements, and other corporate considerations. The share
repurchase program does not obligate LyondellBasell to acquire any
particular amount of shares and may be suspended or discontinued at
any time. Additional factors that could affect our share
repurchases or otherwise cause actual results to differ materially
include the business cyclicality of the chemical, polymers and
refining industries; the availability, cost and price volatility of
raw materials and utilities, particularly the cost of oil, natural
gas, and associated natural gas liquids; competitive product and
pricing pressures; labor conditions; and the other factors found in
the "Risk Factors" section of our Form 10-K for the year ended
December 31, 2018, which can be found
at www.LyondellBasell.com on the Investor Relations page and on the
Securities and Exchange Commission's website at www.sec.gov.
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SOURCE LyondellBasell