LyondellBasell Industries NV (LYB:US), the largest maker of polypropylene plastic, said Apollo Global Management LLC, its biggest investor, plans to sell 25 million shares in the chemical maker.
Affiliates of the New York-based private-equity firm plan to sell the stock, Rotterdam-based LyondellBasell said today in a statement. LyondellBasell won’t receive any proceeds from the offering and the number of ordinary shares won’t change.
Apollo, run by Leon Black, currently has 153.7 million shares of LyondellBasell, 27 percent (LYB:US) of shares outstanding, according to data compiled by Bloomberg. This is the fourth Apollo offering of shares announced since September.
LyondellBasell fell 0.5 percent to $61.99 at 5:19 p.m. in New York after the close of regular trading.
Goldman Sachs Group Inc. is managing the sale.
To contact the reporter on this story: Jack Kaskey in Houston at firstname.lastname@example.org
To contact the editor responsible for this story: Simon Casey at email@example.com