Lyondell (LYO) Soars After Billionaire Blavatnik Buys Rights on 8.3% and May Seek Acquisition

Shares of Lyondell Chemical Co. (NYSE: LYO) are higher today after billionaire Leonard Blavatnik bought the rights to acquire 8.3% of the company in a forward contract arranged by Merrill Lynch. The shares are being sold by Occidental Petroleum (NYSE: OXY).

In a 13D filing, Blavatnik said he may seek to engage in discussions with the company related to an offer to acquire all of the shares of Lyondell or to discuss a combination or similar transaction between Lyondell and his affiliates, including Access or Basell Holdings B.V.

Shares of Lyondell are 12% higher in early action Friday.