ROTTERDAM, Netherlands, May 22, 2013 /PRNewswire/ -- LyondellBasell Industries N.V. (NYSE: LYB) today announced that at its Annual General Meeting, shareholders approved a proposal to authorize the company to repurchase up to 10 percent of the company's outstanding stock. As a result, the Supervisory Board has approved a share repurchase program of up to 10 percent of the company's shares over the next 12 months. The repurchases will be executed from time to time through open market or privately negotiated transactions.
The Supervisory Board also authorized the company's Management Board to declare an interim dividend of $0.50 per share, representing an increase of 25 percent to the company's first quarter 2013 interim dividend. The increased interim dividend will be paid June 24, 2013 to shareholders of record on June 3, 2013, subject to the adoption of a resolution by the Management Board, which is expected to occur June 3.
"The 10 percent share repurchase program and the significant increase in the regular interim dividend is reflective of our outlook, capital growth program, strong free cash flow profile and our commitment to returning cash directly to our shareholders via share repurchases and dividends," said Chief Executive Officer Jim Gallogly.
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 575 million shares outstanding as of May 22, 2013.
This press release contains forward-looking statements. Forward-looking statements relate to future events, such as anticipated revenues, earnings, business strategies, competitive position or other aspects of our operations or operating results. Actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Factors that could cause actual results to differ from forward-looking statements include, but are not limited to, availability, cost and price volatility of raw materials and utilities; supply/demand balances; industry production capacities and operating rates; uncertainties associated with worldwide economies; legal, tax and environmental proceedings; cyclical nature of the chemical and refining industries; operating interruptions; current and potential governmental regulatory actions; terrorist acts; international political unrest; competitive products and pricing; technological developments; the ability to comply with the terms of our credit facilities and other financing arrangements; the ability to implement business strategies; and other factors affecting our business generally as set forth in the "Risk Factors" section of our Form 10-K for the year ended December 31, 2012, which can be found at www.lyondellbasell.com on the Investor Relations page and on the Securities and Exchange Commission's website at www.sec.gov.
LyondellBasell (NYSE: LYB) is one of the world's largest plastics, chemical and refining companies and a member of the S&P 500. 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