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Blavatnik denies rumors from Lyondell creditors

September 30/2010

(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.

Blavatnik denies rumors from Lyondell creditors








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