LyondellBasell Board Authorizes $2.75 Special Dividend
ROTTERDAM, Netherlands, Oct. 26, 2012 /PRNewswire/ -- LyondellBasell (NYSE: LYB) today announced that its Supervisory Board has authorized the company's Management Board to declare a special dividend of $2.75 per share to be paid Dec. 11, 2012 to shareholders of record Nov. 19, 2012, subject to the adoption of a resolution by the Management Board, which is expected to occur Nov. 19, 2012. The special dividend of approximately $1.6 billion will return value to shareholders and will be paid with existing cash on hand.
The special dividend is separate from and in addition to the company's interim dividend of $0.40 per share, which is anticipated to be authorized by the Supervisory Board and approved by the Management Board for payment to shareholders of record at the same time as the special dividend.
Important Notice for U.S. Taxpayers: Dividends paid on ordinary shares generally are taxable to shareholders as dividend income to the extent those distributions are paid out of our current or accumulated earnings and profits. Dividends on our ordinary shares not paid out of our current or accumulated earnings and profits will be treated as a return of capital to the extent of your basis in our ordinary shares. We currently expect that a portion of the dividends paid or expected to be paid by LyondellBasell Industries N.V. during 2012 will represent a return of capital distribution to recipients for U.S. federal income tax purposes. It is our expectation that at least two-thirds of our total projected dividend payments in 2012 will be paid out of earnings and profits and therefore treated as dividend income for U.S. federal income tax purposes. However, the determination of the actual characterization of distributions made during 2012 cannot be finally determined until after the close of the year, and will be reflected in the 2012 Forms 1099-DIV that are issued in early 2013.
The tax information above should not be construed as tax advice and is not a substitute for careful tax planning and analysis. You should consult your own tax advisor regarding the specific federal, state, foreign and other tax consequences to you regarding your ownership of LyondellBasell ordinary shares.
This news release may contain certain forward-looking statements, including statements with regard to the future performance or expectations of the Company. Words such as "believes," "expects," "projects," and "future" or similar expressions, are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results to differ materially from those projected in these forward-looking statements, and some of these factors are enumerated in the risk factor discussion in the Form 10-K filed by LyondellBasell with the Securities and Exchange Commission for the year ended Dec. 31, 2011 and other filings with the Securities and Exchange Commission. LyondellBasell undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
LyondellBasell (NYSE: LYB) is one of the world's largest plastics, chemical and refining companies and a member of the S&P 500 Index. LyondellBasell (www.lyondellbasell.com) manufactures products at 58 sites in 18 countries. LyondellBasell products and technologies are used to make items that improve the quality of life for people around the world including packaging, electronics, automotive parts, home furnishings, construction materials and biofuels.
Media Contact: David A. Harpole +1 713-309-4125
Investor Contact: Douglas J. Pike +1 713-309-7141
SOURCE LyondellBasell Industries