Lyondell Reports Conclusion of FTC Review and Board Approval of Polyols Agreement With Bayer

HOUSTON (PROTEXT) - Lyondell Chemical Company (NYSE: LYO) today reported that the previously announced agreement to sell its worldwide polyols business to Bayer has been approved by the Lyondell Board of Directors. The agreement also has received approval of the Supervisory Board of Bayer. Lyondell also stated that, while European Commission and other regulatory processes are ongoing, the waiting period under the Hart Scott Rodino Act in the United States expired as of December 19, 1999, concluding the Federal Trade Commission review of the transaction. Closing is anticipated to occur in the first half of 2000. On November 16, Lyondell announced that it had reached agreement with Bayer to sell its worldwide polyols business, along with an equity interest in Lyondell's propylene oxide operations, for approximately $2.45 billion. Lyondell plans to use the after-tax proceeds, which are expected to be in excess of $2 billion to reduce debt. Lyondell Chemical Company, with headquarters in Houston, Texas, is the world's largest producer of propylene oxide (PO); the world's number two supplier of polyols and TDI (toluene diisocyanate); a leading producer of propylene glycol; a leading producer of other PO derivatives such as BDO (butanediol) and PGE (propylene glycol ether); and a producer of styrene monomer and MTBE as co-products of PO production. Through its 41% interest in Equistar Chemicals, LP, Lyondell also is the largest producer of ethylene, propylene and polyethylene in North America and a leading producer of polypropylene, ethylene oxide, ethylene glycol, high value-added specialty polymers and polymeric powder. Through its 58.75% interest in LYONDELL-CITGO Refining LP, Lyondell is one of the largest and most profitable refiners in the United States, processing very heavy Venezuelan crude oil to produce gasoline, low sulfur diesel and jet fuel. Lyondell is the third largest methanol producer in the U.S., through its 75% interest in Lyondell Methanol Company, L.P. ots Original Text Service: Lyondell Chemical Company Internet: http://www.newsaktuell.de Contact: media, Jackie Wilson, 713- 652-4596, or Marvin Brown, 713-309-2643, or investors, Sami Ahmad, 713-309-7141, all of Lyondell Chemical Company Web site: http://www.lyondell.com Subscribers please note that material bearing the slug "PROTEXT" is not part of CTK's news service and is not to be published under the "CTK" slug. Protext is a commercial service providing distribution of press releases from clients, who are identified in the text of Protext reports and who bear full responsibility for their contents.