BASF and Shell Chemicals Complete Sale of Joint Venture Basell
BASF and Shell Chemicals have completed the sale of their 50-50 joint venture Basell, one of the world's leading manufacturers of polyolefins, to Nell Acquisition S.a.r.l., an affiliate of New York-based Access Industries.
The sale price totals 4.4 billion, including debt. The relevant merger control approvals had already been granted. For Royal Dutch Shell, proceeds are expected to be reported as part of the Royal Dutch Shell 3rd quarter results. The divestment contributes to Royal Dutch Shell's $12-$15 bln dollar divestment programme for the period 2004-2006.