HOUSTON, Oct. 7 /PRNewswire-FirstCall/ -- Lyondell Chemical Company (NYSE: LYO) today announced that Credit Suisse First Boston has agreed to purchase 12 million shares of its common stock to be issued in an underwritten public offering. In order to retain its proportionate interest in Lyondell, Occidental Petroleum Corporation has agreed to purchase 2.7 million of the shares from the underwriter at the same price paid by the underwriter for the shares. Without giving effect to this purchase, Occidental owns, directly or indirectly, shares of Lyondell's Series B common stock which represent approximately 22 percent of Lyondell's outstanding common stock.

Lyondell also has granted Credit Suisse First Boston, the sole underwriter for the offering, an overallotment option for an additional 1.8 million shares of its common stock, which may be exercised for up to 30 days.

Lyondell expects to use the net proceeds from the offering to enhance liquidity and for general corporate purposes. The offering is expected to close October 14, 2003.

Any offering shall be made only by means of a final prospectus. This announcement does not constitute an offer to sell or a solicitation of an offer to buy any security, nor will there be any sale of any such security in any state in which such offer, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of any such state. Investors may obtain a copy of the prospectus and prospectus supplement relating to the offering when available from Credit Suisse First Boston, Prospectus Department, One Madison Avenue, New York, New York 10010.

SOURCE Lyondell Chemical Company