LyondellBasell Board Authorizes Interim Dividend; Board to Seek Shareholder Approval for Share Repurchases
LyondellBasell (NYSE: LYB) today announced that its Supervisory Board has authorized the company's Management Board to declare an interim dividend of $0.40 per share to be paid March 18, 2013 to shareholders of record on Feb. 25, 2013, subject to the adoption of a resolution by the Management Board, which is expected to occur Feb. 25, 2013.
LyondellBasell also announced that its Supervisory Board intends to seek shareholder approval at the May 22, 2013 Annual General Meeting of Shareholders for authorization to conduct share repurchases. Under Dutch law, companies generally may only repurchase shares with the authorization of shareholders. The request to shareholders is for authorization for a period of 18 months to purchase up to 10 percent of outstanding shares.
If shareholders approve the proposal at the Annual General Meeting, the number of shares that may be repurchased, if any, and the timing and manner of any repurchases would be determined by the Management Board, with the prior approval of the Supervisory Board, in light of prevailing market conditions, available resources and other factors. Any such repurchases could be made on the open market, through privately negotiated repurchases, in self-tender offers, or through accelerated repurchase arrangements.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.