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Shares of Lyondell Chemical Co. (LYO) were higher Friday after billionaire Leonard Blavatnik bought the rights to acquire 8.3% of the company in a forward contract arranged by Merrill Lynch. The shares are being sold by Occidental Petroleum (NYSE:OXY).

In a 13D filing, Blavatnik said he may seek to engage in discussions with the company related to an offer to acquire all of the shares of Lyondell or to discuss a combination or similar transaction between Lyondell and his affiliates, including Access or Basell Holdings B.V.

LYO 1-yr chart

LYO

Source: Billionaire Blavatnik Buys Rights on 8.3% of Lyondell Chemical, Shares Soar