Updated from 11:45 a.m. EDT

Lyondell Chemical ( LYO) was among the NYSE's winners Tuesday, jumping 17.3% after the company agreed to be acquired by Basell for about $12.1 billion in cash, or $48 a share.

The price reflects a 20% premium to Lyondell's closing price of $40.12 on Monday. Including debt, the deal is worth about $19 billion. "We believe this transaction offers significant value for Lyondell's shareholders," Lyondell said. "We are very pleased that Basell recognizes the value and fit of our portfolio of chemical and refining assets."

The deal should close during the next several months. Basell's buyout comes on the heels of its failed attempt to buy Huntsman ( HUN), which agreed to be acquired by Hexion Specialty Chemicals last week. Shares of Lyondell closed up $6.93 to $47.05.

Pogo Producing ( PPP) climbed 13.9% after the oil and gas producer agreed to be acquired by rival Plains Exploration & Production ( PXP) for about $3.6 billion, or $60 a share. The cash and stock deal represents a 19% premium to Pogo's closing price of $50.48 on Monday.

"Today's announcement represents a significant milestone in the proud and productive 38-year history of Pogo Producing Company," Pogo said. "This transaction with Plains Exploration & Production Company creates a combined company with impressive financial and operational strength able to successfully capture the best of opportunities in our industry."

The deal is expected to close during the fourth quarter. Shares of Pogo Producing closed up $7.02 to $57.50, while shares of Plains Exploration were down $3.31 to $47.88.

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