yondell Chemical Company and Millennium Chemicals Inc. have executed a definitive agreement for a stock-for-stock business combination of the companies. The transaction will create North America’s third-largest independent, publicly traded chemical producer with combined 2003 revenues of more than $11 billion and market capitalization of nearly $4 billion.
After the close of the transaction, the company will be called Lyondell Chemical Company and will be headquartered in Houston, TX. Dan F. Smith will continue as president and chief executive officer, and William T. Butler will serve as the independent chairman of the Lyondell board of directors. Two independent members of Millennium’s board will join the Lyondell board, effective at the time of the closing.