LyondellBasell Announces Quarterly Dividend and Shareholder Approval of New Share Repurchase Program
HOUSTON, and LONDON, June 1, 2018 /PRNewswire/ -- LyondellBasell (NYSE: LYB), today announced that it has declared a dividend of $1.00 per share, to be paid June 18, 2018 to shareholders of record June 11, 2018, with an ex-dividend date of June 8, 2018. The company also announced that at its Annual General Meeting on June 1, 2018, shareholders approved the amendments to its Articles of Association that implement the transition from a dual board structure to a unitary board of directors. In connection with this transition, each of the director nominees, including Bob Patel, the Chief Executive Officer, was elected to serve on the unitary board. Also, as a part of the board's succession planning process, Jacques Aigrain has been appointed as Non-Executive Vice Chair of the board. The company also announced that shareholders approved a new share repurchase program authorizing the company to repurchase up to 10 percent of the company's shares over the next 18 months. The repurchases will be executed from time to time through open market or privately negotiated transactions. "The strong and consistent performance of our global portfolio of businesses has allowed us to return more than $29 billion to our shareholders through dividend payments and share repurchases over the past seven years," said Bob Patel, CEO of LyondellBasell. "We remain confident in our ability to advance shareholder value in changing markets, and strong returns for shareholders will continue to be a fundamental component of our capital deployment strategy." The amount and timing of future share repurchases and dividends will depend on, and be subject to, market conditions, general economic conditions, applicable legal requirements and other corporate considerations. The share repurchase program and dividend policy may be suspended or discontinued at any time. This share repurchase program does not obligate LyondellBasell to acquire any particular amount of shares. LyondellBasell had approximately 391 million shares outstanding as of May 30, 2018. Forward looking statements About LyondellBasell
SOURCE LyondellBasell For further information: David Rosen, 713-309-4342, david.rosen@lyb.com
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