LyondellBasell Industries N.V.’s $3.09 Billion Tender Offer

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. Shearman & Sterling advised LyondellBasell on the transaction.

The purchased shares represent approximately 9.5% of the company’s shares outstanding.

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.

J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC acted as dealer managers for the tender offer.

The Davis Polk corporate team included partner Michael Kaplan (Picture) and associates Pedro J. Bermeo and Angela Park. Partner Rachel D. Kleinberg and associate M. Jared Sanders provided tax advice.

The Shearman & Sterling team was composed by George Casey, Derrick Lott, Harald Halbhuber, Lona Nallengara, Maroun El Hachem, Brian Lee, Alan s. Goudiss, Heiko Schiwek, Richard Alsop, Doreen e. Lilienfeld, Laurence crouch, Yaw Asare, Yoon-Jee Kim, Arielle l. Katzman, Edia Uko, Daniel Yao, Ryan Bray, Matthew Behrens, Y. Jingjing Liang, Yeonsue Kim, Joon Lee, Wendy Suh and Ahuva Weinreich.

Involved fees earner: Pedro Bermeo – Davis Polk & Wardwell; Michael Kaplan – Davis Polk & Wardwell; Rachel Kleinberg – Davis Polk & Wardwell; Angela Park – Davis Polk & Wardwell; Jared Sanders – Davis Polk & Wardwell; Richard Alsop – Shearman & Sterling; Yaw Asare – Shearman & Sterling; Matthew Behrens – Shearman & Sterling; Ryan Bray – Shearman & Sterling; George Casey – Shearman & Sterling; Laurence Crouch – Shearman & Sterling; Maroun El Hachem – Shearman & Sterling; Alan Goudiss – Shearman & Sterling; Harald Halbhuber – Shearman & Sterling; Arielle Katzman – Shearman & Sterling; Yoon-jee Kim – Shearman & Sterling; Yeonsue Kim – Shearman & Sterling; Jingjing Liang – Shearman & Sterling; Doreen Lilienfeld – Shearman & Sterling; Derrick Lott – Shearman & Sterling; Lona Nallengara – Shearman & Sterling; Heiko Schiwek – Shearman & Sterling; Edia Uko – Shearman & Sterling; Daniel Yao – Shearman & Sterling; Brian Lee – Sherman & Partners;

Law Firms: Davis Polk & Wardwell; Shearman & Sterling; Sherman & Partners;

Clients: J.P. Morgan Securities LLC; LyondellBasell BV; Morgan Stanley;