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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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F O R M 8-K
CURRENT REPORT
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PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): June 18, 1998
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ARCO CHEMICAL COMPANY
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(Exact name of registrant as specified in its charter)
Delaware
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(State or other jurisdiction of incorporation)
1-9678 51-0104393
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(Commission File Number) (IRS Employer
Idenification No.)
3801 West Chester Pike, Newtown Square, Pennsylvania 19073-2387
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (610) 359-2000
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Not applicable
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(Former name or former address, if changed since last report)
Item 7. Financial Statements and Exhibits
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99.1 Press Release dated June 18, 1998
99.2 Press Release dated June 18, 1998
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
ARCO CHEMICAL COMPANY
By: /s/Van Billet
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Name: Van Billet
Title: Vice President and
Controller
June 22, 1998
Exhibit 99.1
FOR RELEASE: Immediately
ARCO CHEMICAL COMMENTS ON WALL STREET JOURNAL STORY
NEWTOWN SQUARE, PA, June 18, 1998 -- ARCO Chemical Company (NYSE: RCM)
stated this morning in response to a report in the Wall Street Journal that
it is in negotiation with respect to an offer from Lyondell Petrochemical
Company (NYSE: LYO) to acquire all the outstanding stock of the Company
through a tender offer and merger. The Company's Board of Directors is
meeting today to consider the matter.
ARCO Chemical is a leading worldwide manufacturer and marketer of
propylene oxide and derivatives and other intermediate chemicals. Its
products are used in a wide range of consumer and industrial goods,
including automotive components, cushioning, paints and coatings, plastics,
home furnishings, engine coolants, and reformulated gasoline.
For further information contact:
Sallie D. Anderson, Media Relations, (610) 359-5773, or
Sami Ahmad, Investor Relations, (610) 359-3171
Exhibit 99.2
FOR RELEASE: Immediately
ARCO CHEMICAL'S BOARD OF DIRECTORS APPROVES
WITH LYONDELL AGREEMENT PETROCHEMICAL
NEWTOWN SQUARE, Pa. -- ARCO Chemical Company (NYSE:RCM) announced
today that the boards of directors of ARCO Chemical and Lyondell
Petrochemical Company (NYSE:LYO) have approved an agreement under which
ARCO Chemical will be acquired by Lyondell Petrochemical.
To effect the transaction, Lyondell will make an all-cash tender offer
of $57.75 per share for all the outstanding shares of ARCO Chemical Company
stock. Atlantic Richfield (NYSE:ARC), which currently owns 82.2% of ARCO
Chemical, will tender all of its shares. Subject to customary conditions,
the transaction could close early in the third quarter.
"ARCO Chemical's board approved the agreement after concluding that it
provides fair value to all of ARCO Chemical's shareholders," said Anthony
Fernandes, board chairman.
"We believe that this agreement capitalizes on the strengths of two
premier chemical companies. The acquisition of ARCO Chemical's global
leadership positions in propylene oxide and downstream derivatives along
with advantage technologies will enable Lyondell to diversify its earnings
base and product portfolio while providing a platform for continued
domestic and international growth," said Marvin O. Schlanger, President and
Chief Executive Officer of ARCO Chemical. "Serving the customers of the new
company will continue to be a top priority," Schlanger emphasized.
The previously announced secondary offering and share buyback
transactions, pursuant to which Atlantic Richfield would have reduced its
ownership in ARCO Chemical to 50%, have been terminated.
ARCO Chemical is a leading worldwide manufacturer and marketer of
propylene oxide and derivatives and other intermediate chemicals. Its
products are used in a wide range of consumer and industrial goods,
including automotive components, cushioning, paints and coatings, plastics,
home furnishings, engine coolants, and reformulated gasoline.
For further information contact:
Sallie D. Anderson, Media Relations, (610) 359-5773, or
Sami Ahmad, Investor Relations, (610) 359-3171
