Arco expected to sell unit to Lyondell
Article Abstract:
Atlantic Richfield Co. (Los Angeles, CA) is expected to agree to sell Arco Chemical Co. to Lyondell Petrochemical Co. for $57.75 a share, or about $5.6 billion. Atlantic Richfield (Arco) has been selling its holdings which are not related to oil or natural gas in an effort to focus on its core businesses. Arco sold its 49.9% stake in Lyondell last September, and recently sold its coal unit to Arch Coal Inc. for $1.14 billion. Lyondell's CEO Dan Smith has sought to boost the company's earning power by pooling resources with other major chemical makers to improve efficiencies, cut costs, and provide in-house markets for its basic chemicals.
Comment:
Atlantic Richfield expected to agree to sell ARCO Chemical Co. to Lyondell Petrochemical Co. for $57.75/shr (or about $5.6 bil)
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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ARCO expected to sell unit to Lyondell
Article Abstract:
Atlantic Richfield Co. (Los Angeles, CA) is expected to agree to sell Arco Chemical Co. to Lyondell Petrochemical Co. for $57.75 a share, or about $5.6 billion. Atlantic Richfield (Arco) has been selling its holdings which are not related to oil or natural gas in an effort to focul on its core businesses. Arco sold its 49.9% stake in Lyondell last September, and recently sold its coal unit to Arch Coal Inc. for $1.14 billion. Lyondell's CEO Dan Smith has sought to boost the company's earning power by pooling resources with other major chemical makers to improve efficiencies, cut costs, and provide in-house markets for its basic chemicals.
Comment:
Atlantic RIchfield expected to agree to sell ARCO Chemical Co. to Lyondell Petrochemical Co. for $57.75/shr (or about $5.6 bil)
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
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