02/24/2010

PIE - News-Ticker on Plasteurope.com

LyondellBasell: Reliance said to raise offer again

Reliance Industries (RIL, Mumbai / India; www.ril.com) has increased its bid for insolvent polyolefins giant LyondellBasell (Rotterdam / The Netherlands; www.lyondellbasell.com), according to news reports citing sources "with knowledge of the offer.” Reliance is now said to be offering USD 14.5 bn including cash and stock options for shareholders and creditors, up from USD 13.5 bn.


The market had expected the stakes to be raised after LyondellBasell settled out of court with unsecured creditors on 16 February. Several analysts have predicted that the Reliance takeover effort will fail.

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