LyondellBasell Class B Stock Approaching Automatic Conversion Provision

News provided by

Dec 02, 2010, 04:22 ET

ROTTERDAM, Netherlands, Dec. 2, 2010 /PRNewswire / -- LyondellBasell (NYSE: LYB) today announced that an automatic provision to convert its Class B common stock to Class A common stock could be triggered next week. The earliest possible final pricing date could occur at the close of business on Dec. 6 with the conversion on Dec. 7.

No action is required by shareholders; shares will automatically be converted on a one-for-one basis. The conversion is pursuant to the terms of the Class B common stock, which provided that Class B would convert to Class A common stock once the shares traded above $21.22 for at least 45 trading days within a period of 60 trading days, and closed above the threshold on both the first and last days of the period.

LyondellBasell currently has approximately 566 million ordinary shares outstanding, including approximately 376 million Class A ordinary shares and approximately 189 million Class B ordinary shares. With the conversion of Class B shares, all LyondellBasell stock will trade on the New York Stock Exchange under the 'LYB' symbol.

LyondellBasell (NYSE: LYB) is one of the world's largest plastics, chemical and refining companies. The company manufactures products at 59 sites in 18 countries. LyondellBasell products and technologies are used to make items that improve the quality of life for people around the world including packaging, electronics, automotive components, home furnishings, construction materials and biofuels. More information about LyondellBasell can be found at www.lyondellbasell.com.