LyondellBasell says Apollo selling 25 million of its shares

LyondellBasell on Thursday announced that certain shareholders affiliated to Apollo Management Holdings LP are selling 16.5 million ordinary shares of the company in an underwritten public offering.

The sale will be subject to a lock-up (subject to certain exceptions) for a period of 30 days from the date of the prospectus supplement for the offering, the company said.

Separately, the shareholders will sell another 8.5 million ordinary shares in a private transaction, the company added.

LyondellBasell will not receive any proceeds from the offering. The total number of LyondellBasell ordinary shares outstanding will also not change as a result of the offering, it added.

Barclays Capital Inc is acting as the sole underwriter for the offering.

LyondellBasell said an automatic shelf registration statement relating to the company's ordinary shares was previously filed with the Securities and Exchange Commission (SEC) and has become effective upon filing.

LyondellBasell, a member of the S&P 500, is one of the leading plastics, chemical and refining companies producing a range of products, including packaging, electronics, automotive parts, home furnishings, construction materials and biofuels.

The company manufactures products at 58 sites in 18 countries.