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LYB to buy back shares, increase dividend

The Associated Press

LyondellBasell Industries NV said Wednesday that it will buy back shares, increase its dividend and update its board.

The company, which refines oil and makes chemicals and plastics used in manufacturing and construction, is based in the Netherlands.

LyondellBasell said that shareholders at the company's annual meeting approved a plan to repurchase up to 10 percent of the company's outstanding stock. The board plans to make the purchases over the next 12 months. The company has about 575 million shares outstanding.

LyondellBasell also declared an interim dividend of 50 cents per share, up 25 percent from its first-quarter interim dividend. The new dividend will be paid June 24 to shareholders of record as of June 3.

Additionally, the company said that Robert G. Gwin was appointed as non-executive vice chairman of the supervisory board of directors, effective immediately, as part of a succession plan. Gwin will then succeed Marvin O. Schlanger as chairman of the board in September. Schlanger will continue to serve as a member of the board after that time.

Gwin, 50, has served on the board since May of 2011. He is senior vice president, finance and chief financial officer of Anadarko Petroleum Corp.

Shares of the company jumped $1.07 to $66.14 in after-hours trading. Its stock fell 78 cents to close regular trading at $65.07 Wednesday.