Conversion of Millennium 4% Convertible Senior Debentures
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HOUSTON, Dec. 3 -- As previously announced, shareholders of Lyondell Chemical Company (NYSE:LYO) have approved the Agreement and Plan of Merger, dated as of July 16, 2007, among Basell AF S.C.A., BIL Acquisition Holdings Limited and Lyondell, and the closing of the transaction is anticipated to occur on or about Dec. 20, 2007. Pursuant to the transaction, Lyondell common stock will be converted into cash at $48 per share upon the closing. In accordance with the indenture governing the 4% Convertible Senior Debentures (CUSIP No. 599903AB7) (the "Convertible Notes") issued by Millennium Chemicals Inc., holders may surrender the Convertible Notes for conversion at any time up to and including the date 15 days after the actual closing date of the transaction.
About Lyondell
Lyondell Chemical Company, headquartered in Houston, Texas, is North America's third-largest independent, publicly traded chemical company. Lyondell is a leading global manufacturer of chemicals and plastics, a refiner of heavy, high-sulfur crude oil and a significant producer of fuel products. Key products include ethylene, polyethylene, styrene, propylene, propylene oxide, gasoline, ultra low-sulfur diesel, MTBE and ETBE.
Source: Lyondell Chemical Company; Millennium Chemicals Inc.
CONTACT: Media, Susan Moore, +1-713-309-4645, or Investors, Douglas J.
Pike, +1-713-309-7141, both for Lyondell Chemical Company; Millennium Chemicals Inc.
Web site: http://lyondell.com/
