Lyondell and Millennium Expect Fourth Quarter Special Shareholder Meetings
July 29 2004 - 6:15PM
PR Newswire (US)
Lyondell and Millennium Expect Fourth Quarter Special Shareholder
Meetings HOUSTON and HUNT VALLEY, Md., July 29
/PRNewswire-FirstCall/ -- As a consequence of Millennium Chemicals
Inc.'s (NYSE:MCH) announcement earlier today regarding the
restatement of Millennium's financial statements, Lyondell Chemical
Company (NYSE:LYO) and Millennium now expect that their respective
special shareholder meetings related to their proposed business
combination will take place during the fourth quarter 2004.
Lyondell and Millennium will continue to work expeditiously to
complete the SEC filings related to their special shareholder
meetings. This release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Such statements include, but are not limited to, statements
about the proposed transaction between Lyondell Chemical Company
("Lyondell") and Millennium Chemicals Inc. ("Millennium"),
including the parties' plans, objectives, expectations and
intentions and other statements that are not historical facts. Such
statements are based upon the current beliefs and expectations of
Lyondell's and Millennium's respective managements and are subject
to significant risks and uncertainties. Actual results may differ
materially from those set forth in the forward-looking statements.
The following factors, among others, could affect the proposed
transaction and the anticipated results: approval by Lyondell's and
Millennium's respective shareholders and the parties' ability to
achieve expected synergies in the transaction within the expected
timeframes or at all. Additional factors that could cause
Lyondell's results to differ materially from those described in the
forward-looking statements can be found in Lyondell's Annual Report
on Form 10-K for the year ended December 31, 2003, which was filed
with the Securities and Exchange Commission (the "SEC") on March
12, 2004, and Lyondell's Quarterly Report on Form 10-Q for the
quarter ended June 30, 2004, which will be filed with the SEC in
August 2004. Additional factors that could cause Millennium's
results to differ materially from those described in the
forward-looking statements can be found in Exhibit 99.1 to
Millennium's Quarterly Report on Form 10-Q for the quarter ended
March 31, 2004, which was filed with the SEC on May 14, 2004. In
addition, on June 18, 2004, Lyondell filed with the SEC an
amendment to its registration statement on Form S-4 (as amended,
the "Form S-4") containing a preliminary joint proxy
statement/prospectus regarding the proposed transaction between
Lyondell and Millennium. The definitive joint proxy
statement/prospectus will be sent to holders of Lyondell's and
Millennium's common stock when it becomes available. Investors and
security holders are urged to read that document and any other
relevant documents filed or that will be filed with the SEC,
including the definitive joint proxy statement/prospectus that will
be part of the definitive registration statement, as they become
available, because they contain, or will contain, important
information. Investors and security holders may obtain a free copy
of the definitive joint proxy statement/prospectus (when it becomes
available) and other documents filed by Lyondell and Millennium
with the SEC at the SEC's web site at http://www.sec.gov/ . The
definitive joint proxy statement/prospectus (when it becomes
available) and the other documents filed by Lyondell may also be
obtained free from Lyondell by calling Lyondell's Investor
Relations department at (713) 309-4590. The definitive joint proxy
statement/prospectus (when it becomes available) and the other
documents filed by Millennium may also be obtained free from
Millennium by calling Millennium's Investor Relations department at
(410) 229-8113. The respective executive officers and directors of
Lyondell and Millennium and other persons may be deemed to be
participants in the solicitation of proxies in respect of the
proposed transaction. Information regarding Lyondell's executive
officers and directors is available in the proxy statement filed
with the SEC by Lyondell on March 16, 2004 and in the Form S-4, and
information regarding Millennium's directors and its executive
officers is available in Millennium's Amendment No. 1 to its Annual
Report on Form 10-K for the year ended December 31, 2003, which was
filed with the SEC on April 27, 2004, and in the Form S-4. Other
information regarding the participants in the proxy solicitation
and a description of their direct and indirect interests, by
security holdings or otherwise, will be contained in the definitive
joint proxy statement/prospectus and other relevant materials filed
with the SEC, as they become available. DATASOURCE: Lyondell
Chemical Company; Millennium Chemicals Inc. CONTACT: investors,
Doug Pike, +1-713-309-7141, or media, Susan Moore, +1-713-652-4645,
both of Lyondell Chemical Company; or investors, Tom Van
Valkenburgh of Millennium Chemicals Inc., +1-410-229-8113 Web site:
http://www.sec.gov/ Web site: http://www.lyondell.com/
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