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LyondellBasell offers 15M shares from shareholder

The Associated Press

LyondellBasell Industries NV said Friday that shareholders affiliated with Apollo Funds are offering to sell 15 million of the Netherlands-based company's shares for more than $1.1 billion.

The shares were priced at $74.10 per share, down slightly from its Thursday closing price of $74.60. The offering is expected to close on Nov. 6. LyondellBasell said it will not receive any proceeds from the stock offering.

LyondellBasell refines oil and makes chemicals and plastics used in manufacturing and construction. Apollo Funds is affiliated with the private equity firm Apollo Management Holdings LP.

Shares of LyondellBasell fell 58 cents to $74.01 in afternoon trading Friday.