Davis Polk advised the dealer managers in connection with a “modified Dutch auction” cash tender offer by LyondellBasell Industries N.V. for 35,144,596 of its ordinary shares at a purchase price of $88.00 per share, which were acquired for an aggregate purchase price of approximately $3.09 billion. The purchased shares represent approximately 9.5% of the company’s shares outstanding as of July 8, 2019. Settlement of the tender offer occurred on July 12, 2019.

LyondellBasell is one of the largest plastics, chemicals and refining companies in the world. Driven by its employees around the globe, LyondellBasell produces materials and products that are key to advancing solutions to modern challenges like enhancing food safety through lightweight and flexible packaging, protecting the purity of water supplies through stronger and more versatile pipes, improving the safety, comfort and fuel efficiency of many of the cars and trucks on the road and ensuring the safe and effective functionality in electronics and appliances. LyondellBasell sells products into more than 100 countries and is the world’s largest producer of polymer compounds and the largest licensor of polyolefin technologies. In 2019, LyondellBasell was named to Fortune magazine’s list of the “World’s Most Admired Companies.”

The Davis Polk corporate team included partner Michael Kaplan and associates Pedro J. Bermeo and Angela Park. Partner Rachel D. Kleinberg and associate M. Jared Sanders provided tax advice. Members of the Davis Polk team are based in the New York and Northern California offices.

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