Lyondell Converts Series B Common Stock to Unregistered Common Stock; No Change in Total Common Stock Share Count
December 10 2004 - 4:45PM
PR Newswire (US)
Lyondell Converts Series B Common Stock to Unregistered Common
Stock; No Change in Total Common Stock Share Count HOUSTON, Dec. 10
/PRNewswire-FirstCall/ -- Lyondell Chemical Company (NYSE:LYO)
today announced that its Board of Directors has elected to convert
the company's outstanding shares of Series B Common Stock, held
solely by Occidental Petroleum (through a subsidiary), to Common
Stock on December 31, 2004. These shares will not be registered at
the time of the conversion. Dividends on these newly converted
shares will be paid in cash, avoiding dilution related to
payment-in-kind dividends on shares of Series B Common Stock. The
conversion does not change the total number of outstanding shares
which currently is approximately 242 million. Lyondell Chemical
Company, headquartered in Houston, Texas, is North America's
third-largest independent, publicly traded chemical company.
Lyondell is a major global manufacturer of basic chemicals and
derivatives including ethylene, propylene, titanium dioxide,
styrene, polyethylene, propylene oxide and acetyls. It also is a
significant producer of gasoline blending components. The company
has a 58.75 percent interest in LYONDELL- CITGO Refining LP, a
refiner of heavy, high-sulfur crude oil. Lyondell is a global
company operating on five continents and employs approximately
10,000 people worldwide. DATASOURCE: Lyondell Chemical Company
CONTACT: investors, Doug Pike, +1-713-309-4590, or media, Susan
Moore, +1-713-652-4645, both of Lyondell Chemical Company Web site:
http://www.lyondell.com/
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