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Occidental Paring Lyondell Stake

It will sell 10 million shares.
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Lyondell (LYO) said big shareholder Occidental (OXY) - Get Occidental Petroleum Corporation Report will pare its stake by a third in a 10 million-share public offering.

Houston-based Lyondell said Los Angeles-based Occidental will hold an 8.2% stake after the offering. Occidental also holds a warrant to purchase an additional 5 million shares of Lyondell at $25 per share. Occidental will be subject to a 90-day "lock-up" period, during which it will be restricted from selling any of its remaining shares or its warrant.

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