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 sellits worldwide polyols business to Bayer has been approved by theLyondell Board of Directors. The agreement also has receivedapproval of the Supervisory Board of Bayer. Lyondell also stated that, while European Commission and otherregulatory processes are ongoing, the waiting period under theHart Scott Rodino Act in the United States expired as of December19, 1999, concluding the Federal Trade Commission review of thetransaction. Closing is anticipated to occur in the first half of2000. On November 16, Lyondell announced that it had reachedagreement with Bayer to sell its worldwide polyols business,along with an equity interest in Lyondell's propylene oxideoperations, for approximately $2.45 billion. Lyondell plans touse 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 (toluenediisocyanate); a leading producer of propylene glycol; a leadingproducer of other PO derivatives such as BDO (butanediol) and PGE(propylene glycol ether); and a producer of styrene monomer andMTBE as co-products of PO production. Through its 41% interest in Equistar Chemicals, LP, Lyondellalso is the largest producer of ethylene, propylene andpolyethylene in North America and a leading producer ofpolypropylene, ethylene oxide, ethylene glycol, high value-addedspecialty polymers and polymeric powder. Through its 58.75% interest in LYONDELL-CITGO Refining LP,Lyondell is one of the largest and most profitable refiners inthe United States, processing very heavy Venezuelan crude oil toproduce 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. otsOriginal 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, SamiAhmad, 713-309-7141, all of Lyondell Chemical Company Web site:http://www.lyondell.com

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