Weil, Gotshal & Manges LLP, one of the world’s leading law firms, advised Millennium Chemicals Inc. (NYSE: MCH) in its definitive agreement, announced today, with Lyondell Chemical Company (NYSE: LYO) for a stock-for-stock business combination of the companies.
The transaction will create North America’s third-largest independent, publicly traded chemical producer with combined pro forma 2003 revenues of more than $11 billion and market capitalization of nearly $4 billion. The transaction is subject to customary conditions including approval by both companies’ shareholders, and is expected to close in the third quarter of 2004.
Millennium is the second-largest producer of titanium dioxide (TiO2) in the world, in an industry in which the five largest producers represent approximately 75 percent of worldwide capacity.
Lyondell, headquartered in Houston, Texas, is a leading producer of: propylene oxide (PO); PO derivatives including propylene glycol (PG), butanediol (BDO) and propylene glycol ethers (PGE); and styrene monomer and MTBE as co- products of PO production.
Weil, Gotshal & Manges LLP is an international law firm of more than 1,100 attorneys, including approximately 300 partners. Weil Gotshal is headquartered in New York, with offices in Austin, Boston, Brussels, Budapest, Dallas, Frankfurt, Houston, London, Miami, Munich, Paris, Prague, Silicon Valley, Singapore, Warsaw and Washington, D.C.
Weil, Gotshal & Manges LLP’s Team
Partners: Mary Korby (Corporate – Dallas); Ellen J. Odoner (Corporate – New York); Kenneth H. Heitner and Mary Jean M. Potenzone (Tax – New York); Helene D. Jaffe (Trade Practices & Regulatory Law – New York)
Of Counsel: John M. Sipple (Trade Practices & Regulatory Law – Washington D.C.)
Associates: Amanda Wallace, Angelique DeSanto, Irina Gonikberg-Dolinsky, and William P. Welty (Corporate – New York); Max A. Goodman, Benjamin Ferrucci and Edward K. Kim (Tax – New York)
Millennium Chemicals Inc
General Counsel: C. William Carmean