Case & Project Experience Fraudulent Conveyance Analysis in Lyondell Bankruptcy Background On 16 July 2007, Lyondell Chemical Company (“Lyondell”), a chemicals manufacturer and petroleum refiner, and Basell AF S.C.A. (“Basell”) entered into a merger agreement. Under the terms of the merger, Basell paid $23 billion for Lyondell, and shareholders of Lyondell received $48 per share. When the all- cash merger closed on 20 December 2007, Lyondell

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