LyondellBasell to Buy Back 35.1 Million Shares in Dutch Auction

Date : 07/09/2019 @ 12:41PM
Source : Dow Jones News
Stock : LyondellBasell Industries NV (LYB)
Quote : 74.25  1.65 (2.27%) @ 12:59AM

LyondellBasell to Buy Back 35.1 Million Shares in Dutch Auction

LyondellBasell Industrie... (NYSE:LYB)
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By Colin Kellaher

 

LyondellBasell Industries N.V. (LYB) Tuesday said it will buy back about 35.1 million shares in its modified Dutch Auction tender offer, shy of the 37 million shares the plastics and refining company was targeting.

LyondellBasell said 35.1 million shares, or about 9.5% of its shares outstanding, were properly tendered and not withdrawn at or below $88 each. The company said it will pay about $3.09 billion for the shares.

LyondellBasell last month launched the tender offer for up to 37 million shares, with a price range of $77 to $88.

LyondellBasell shares closed Monday at $87.37.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

July 09, 2019 07:26 ET (11:26 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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