Skadden is representing Basell in its approximately $19 billion acquisition of Lyondell Chemical Co., announced on July 17. Basell, based in the Netherlands, is the world's largest producer of polypropylene and advanced polyolefin products. The company is owned by U.S.-based Access Industries, whose chairman and founder is the industrialist Len Blavatnik. Houston-based Lyondell operates in three business segments — ethylene, propylene oxide, and refining. Basell and Lyondell together would have had combined 2006 revenues of approximately $34 billion and 15,000 employees around the world.