LyondellBasell lists shares on NYSE
09 October 2010
Global petrochemical major LyondellBasell Industries NV has listed its shares on the New York Stock Exchange (NYSE) and its common stock will begin trading on the New York Stock Exchange (NYSE) on 14 October 2010.
LyondellBasell's Class A ordinary shares will trade under the symbol LYB and Class B ordinary shares under the LYB.B symbol, the company said in a release on Friday.
"We have achieved a significant milestone in establishing our foundation for the future through the listing of LyondellBasell shares on the New York Stock Exchange," said LyondellBasell chief executive Jim Gallogly.
"The NYSE is the world's largest equity market and listing here will provide a more liquid and transparent mechanism for investors wanting to own shares in one of the world's premier chemical companies," he added.
LyondellBasell currently has around 566 million ordinary shares outstanding, which includes 337 million Class A ordinary shares and 229 million Class B ordinary shares. The Class A shares have been trading in the over-the-counter market under the symbol LALLF and the Class B shares under LALBF.
The two have a combined daily trading volume of around 3.1 million shares since 1 May.
LyondellBasell, one of the world's largest plastics, chemical and refining companies, manufactures products at 59 sites in 18 countries. LyondellBasell manufactures and supplies products for a range of uses including packaging, electronics, automotive components, home furnishings, construction materials and biofuels.