BASF, Shell selling Basell Polyolefins

By OGJ editors

HOUSTON, May 5 -- BASF AG and Royal/Dutch Shell Group agreed to sell their 50-50 joint venture Basell Polyolefins Co. to a consortium led by Access Industries, a New York holding company, for $5.7 billion, including debt.

The transaction is subject to approval by antitrust authorities. Closing is expected during the second half of 2005.

BASF and Shell announced plans to review options for the Netherlands-based joint venture in July 2004. The two companies established Basell as an independent company in 2000. It has production sites in 21 countries.

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