Lyondell follows ARCO Chemical offer with definitive agreement

Lyondell Petrochemical Co. has signed a definitive agreement to acquire ARCO Chemical Co. in a cash tender offer valued at $5.6 billion. Both are Houston companies that each had once been a separate subsidiary of Los Angeles major ARCO. Lyondell made the tender earlier this month (OGJ, June 22, 1998, Newsletter). ARCO Chemical is the world's largest producer of propylene oxide (PO). The deal Under the agreement, effective June 24, Lyondell was to tender for all outstanding shares of ARCO Chemical at $57.75/share. In addition, Lyondell will assume ARCO Chemical debt totaling about $870 million. ARCO, which owns 82.2% of ARCO Chemical, has agreed to tender i...

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