Washington, DC, May 27--Antitrust authorities said on Wednesday they had approved Lyondell Chemical Co.'s proposed acquisition of joint venture partner Millennium Chemicals Inc.
Officials have closed their investigation of the deal without taking action, the Federal Trade Commission said in a notice.
The companies announced the stock deal in March, valuing it at $1 billion. It would create the No. 3 North American chemicals producer behind Dow Chemical Co. and DuPont Co.
The combined company will keep the Lyondell Chemical name and be headquartered in Lyondell's home base of Houston. Lyondell's Dan Smith will continue as president and chief executive and William Butler will continue as independent chairman of the Lyondell board.
