LyondellBasell Company History Timeline

(134 Jobs)

Blavatnik had been stalking Lyondell, buying up the right to purchase 8%. When he decided in July 2007 to use Basell to buy up a controlling stake in the company at $48 a share, a 45% premium to the market price, Blavatnik's associates got nervous.

Basell bought Lyondell in a $20 billion leveraged buyout in December 2007 to create LyondellBasell, the world's third-biggest independent chemicals company.

In 2007 Blavatnik decided to buy Lyondell, a Houston-based company--not particularly well run--that produced commodity chemicals used in making plastics and that also had refining assets.


In early 2009 Blavatnik pushed LyondellBasell into bankruptcy.

LyondellBasell has gone from posting losses in 2009 to profits of $3.9 billion on revenues of $44 billion last year. (Gallogly's shares of LyondellBasell are now worth $380 million.)


By 2012 the price of ethane had fallen from 90 cents per gallon to 30 cents, giving United States chemical producers a huge advantage over foreign competitors in Europe and Asia that are dependent on pricey oil-based naphtha as a feedstock.

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Houston, TX
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