NEW YORK, July 17: The Dutch chemical group Basell Holdings will buy US rival Lyondell Chemical Co., one of the world’s largest chemical companies, in a deal worth about $19 billion, the companies said on Tuesday in a joint statement.

The deal came less than a week after Basell lost its agreed takeover offer for Huntsman Corporation after the United States chemical group said it preferred a higher bid from Hexion Specialty Chemicals, Inc.

Basell will acquire Lyondell, based in Houston, Texas, for $48 per share cash in a transaction valued at about $19 billion, including debt.

The amount represents a 45 per cent premium to Lyondell’s closing share price on May 10, the day before Basell revealed its interest in Lyondell, the companies said.—AFP