Developments in Basell sale

A consortium reported to include Blackstone Group, Apollo Partners, Bain Capital and Goldman Sachs Capital Partners will acquire Basell, the petrochemical business owned by BASF and Royal Dutch Shell and put up for sale in July 2004. This development surfaced when it became known that Lehman Brothers and CSFB were putting together a €2.3bn ($3bn) debt package to finance a €3.06bn ($4bn) bid for Basell by a private equity consortium. CSFB and Lazard are the company's financial advisors. The company generated $6bn in sales and $300m in pre-tax earnings last year.

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