Basell offers $12.7bn for Lyondell

Basell, the Dutch chemicals group, on Tuesday offered $12.7bn in cash to buy larger rival Lyondell and cement its ambition to become a global leader in a business being transformed by consolidation and new entrants. The agreed deal comes a week after Basell, controlled by US industrialist Len Blavatnik, was outbid in the auction of US-based Huntsman. Hexion, the chemicals group controlled by Apollo Management, broke up Basell’s effort to diversify its commodity-based business with a $6.5bn offer.

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