New York, May 21, 2007—Shearman & Sterling LLP is advising Saudi Basic Industries Corporation as counsel on its $11.6 billion acquisition of General Electric's plastics division.

The following Shearman & Sterling attorneys are involved in the transaction:  Stephen M. Besen and John J. Madden (both partners, Mergers & Acquisitions, New York), Ronald M. Bayer (partner, Finance Group, New York), Peter H. Blessing (partner, Tax, New York), John J. Cannon III (partner, Executive Compensation & Employee Benefits, New York), Jason R. Lehner (partner, Capital Markets, Toronto), Kenneth S. Prince (partner, Antitrust, New York) and Thomas B. Wilner (partner, International Trade & Government Relations, Washington).