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(Reuters) -- Investor Len Blavatnik and his
company Access Industries have refuted claims that he was aware of a US$12 bln
leveraged buyout in 2007 that created LyondellBasell would fail. They claim that
they had every reason to believe the merger between Basell and Lyondell would
succeed. Blavatnik had led the merger in 2007 to create the world's third
largest petrochemicals maker, by crafting a leveraged buyout of Lyondell through
Basell, which his company acquired in 2005.
A trustee acting on behalf of Lyondell's creditors sued Blavatnik, Access
and other executives and advisors responsible for putting together the deal,
claiming they set the company up to fail by leaving it with too much debt and
unreasonably small capital.
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