A new shareholder for LyondellBasell

Date:2009-5-27 10:18:00

Half of the capital of the world's largest producer of polyolefins.

ProChemie Holding, owned by German businessman Andreas Heeschen, concluded an agreement with the owner of LyondellBasell, Access Industry (funds controlled by Russian billionaire Len Blavatnik) to take 50% of the capital. This is done through the creation of a joint venture, ProChemie GmbH, based in Oberndorf, Germany. Andreas Heeschen is known through the German weapon manufacturer Heckler & Koch, of which he is the main shareholder. The two parties "will support the restructuring process of LyondellBasell, whose activities in the United States have been placed last January under the protection of U.S. law on bankruptcy. LyondellBasell, which is based in Rotterdam, the Netherlands, is the world's largest producer of polypropylene. It recently announced the closure of french polyethylene low density of Fos-sur-Mer, in the Bouches-du-Rhône. The company recorded a loss of $ 7.3 billion in 2008 to a turnover of 50.7 billion (36.4 billion euros).