Hoofddorp, The Netherlands - Basell and Lyondell Chemical Co. will have a new name following their planned merger, which received approval from the EU competition authorities 26 Oct.
Bucking the current trend of devising a totally new name for the unit, the two have simply joined their names together to give LyondellBasell Industries.
Lyondell's shareholders are due to vote on 20 Nov on the proposal to adopt the merger plans among Basell AF, BIL Acquisition Holdings Ltd and Lyondell.
"The new name will keep two well respected names in the forefront of the polyolefins, chemicals and refining industries," said Volker Trautz, chief executive officer of Basell, in a joint statement from the two units.
"We are positioning our expanded company for a bold future, while at the same time retaining important links to the past that are valued by our customers, our employees, our partners, investors and the communities in which we operate," added Smith, chairman, president and ceo of Lyondell.
Both companies said the LyondellBasell brand will be rolled out after the transaction is finalised, which is expected to be in the fourth quarter 2007.
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