Lyondell Chemical
(NYSE:LYO) shares jumped $3.45, or 10.43%, to $36.52 today after
Russian billionaire Leonard Blavatnik bought the rights to acquire 8.3%
of the company in a forward contract arranged by Merrill Lynch. The
block of shares is being sold by
Occidental Petroleum (NYSE:OXY).
Blavatnik
offered a fairly bland disclosure in his Schedule 13D filing with the
SEC, saying that he may seek to engage in discussions with the company
related to an offer to acquire all of the shares of Lyondell or to
discuss a combination or similar transaction with Access or Basell
holdings.
Occidental Petroleum is also up 2.5% on the news of
the sale. The company has not said what it plans on doing with the
gains on any sale of its stake in Lyondell Chemical. However, both of
these companies are
worth watching closely!
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