Finance History|11 Wall Street — LALLF Left the Over-the-Counter Book
· 2010-10
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Finance History|11 Wall Street — LALLF Left the Over-the-Counter Book
kevin
People treat LyondellBasell as a Rotterdam chemical house that always printed LYB after a finished New York book.
The 2010 issuer was LyondellBasell Industries N.V., a Dutch company whose operating offices sat in Houston after the 2007 combination of Lyondell Chemical and Basell.
Lyondell had traded publicly until December 2007, when Basell, then owned by Access Industries, bought it for about 20 billion U.S. dollars in 2007 dollars.
The combined company filed for bankruptcy in early 2009 and emerged in April 2010.
Class A shares then traded over the counter as LALLF and Class B shares as LALBF.
The company's 14 October 2010 release said both classes would open that day on the New York Stock Exchange as LYB and LYB.B.
The same release put about 566 million ordinary shares outstanding, including about 343 million Class A and about 223 million Class B, and put market capitalization near 15 billion U.S. dollars in 2010 dollars.
A Chemical and Engineering News account dated 12 October 2010 put the prior-day over-the-counter closes at 25.16 U.S. dollars for Class A and 26.15 U.S. dollars for Class B in 2010 dollars.
On 6 December 2010 the Class B shares converted one-for-one into Class A, and the tape kept only LYB.
The letters LYB still open on the New York Stock Exchange.
The mechanism is a post-bankruptcy listing that moved an already public over-the-counter book onto the Big Board rather than a cash primary offering.
The pin is the public Broad Street facade of the 1903 New York Stock Exchange building, the present street marker for the tape that prints LYB.
Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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