LyondellBasell Board Declares Interim Dividend; Board to Seek Shareholder Approval for Share Repurchases
Feb 15, 2013 (Close-Up Media via COMTEX) --
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LyondellBasell announced that its Supervisory Board has authorized the company's Management Board to declare an interim dividend of $0.40 per share to be paid March 18, to shareholders of record on February 25, subject to the adoption of a resolution by the Management Board, which is expected to occur February 25.
In a release on February 12, the Company noted that it also announced that its Supervisory Board intends to seek shareholder approval at the May 22, Annual General Meeting of Shareholders for authorization to conduct share repurchases. Under Dutch law, companies generally may only repurchase shares with the authorization of shareholders. The request to shareholders is for authorization for a period of 18 months to purchase up to 10 percent of outstanding shares.
If shareholders approve the proposal at the Annual General Meeting, the number of shares that may be repurchased, if any, and the timing and manner of any repurchases would be determined by the Management Board, with the prior approval of the Supervisory Board, in light of prevailing market conditions, available resources and other factors. Any such repurchases could be made on the open market, through privately negotiated repurchases, in self-tender offers, or through accelerated repurchase arrangements.
LyondellBasell is a plastics, chemical and refining company.
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