LyondellBasell to divest four European sites in deal with AEQUITA
KUALA LUMPUR: LyondellBasell (LYB), a leader in the global chemical industry, has entered into an agreement and exclusive negotiations with AEQUITA for the sale of select olefins and polyolefins assets and the associated business in Europe.
The sites to be sold have been part of the previously announced European strategic assessment and are located in Berre (France), Münchsmünster (Germany), Carrington (United Kingdom), and Tarragona (Spain).
"This contemplated transaction is a significant step in LYB's transformation to grow and upgrade our core. We are committed to operating our assets safely and reliably throughout this process and will continue to support our customers, employees and other key stakeholders.
"Europe remains a core market for LYB and one we will continue to participate in following this transaction with more of a focus on value creation through establishing profitable leadership in circular and renewable solutions," said LyondellBasell chief executive officer, Peter Vanacker, in a statement.
Meanwhile, AEQUITA managing partner, Christoph Himmel, said the acquisition of these assets from LYB marks another important step in expanding its industrial footprint. Each site brings a strong operational foundation and a highly experienced, committed employee base.
The assets and business to be acquired by AEQUITA include integrated and non-integrated sites within LYB's European olefins and polyolefins business, as well as supporting central functions based at the company's Rotterdam headquarters and various locations.
The sites together represent a scaled olefins and polyolefins platform strategically located in proximity to a longstanding customer base and with access and connectivity to key infrastructure.
The agreement is a put option deed under which AEQUITA has committed to enter into an agreed form purchase agreement if LYB exercises its put option after the conclusion of certain works council consultation processes.
Closing of the proposed transaction is currently expected in the first half of 2026, subject to the completion of the information and consultation processes with the relevant employee representative bodies in accordance with applicable laws, as well as regulatory and other customary closing conditions.
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