05:26 AM EDT, 06/05/2025 (MT Newswires) -- LyondellBasell Industries ( LYB ) said Thursday it has agreed to exclusive negotiations with AEQUITA for the sale of its select olefins and polyolefins assets and the associated business in Europe.

The agreement is a put option deed under which AEQUITA has committed to enter into an agreed purchase agreement if LyondellBasell exercises its put option following the conclusion of consultations with labor representatives, the company said.

The proposed transaction is expected to close in H1 2026, the company said.

The plastics production locations being sold are in France, Germany, the UK, and Spain as well as supporting functions based in Rotterdam and other sites.

LyondellBasell Chief Executive Peter Vanacker said the proposed transaction is a step in the company's "transformation to grow and upgrade our core."