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LyondellBasell: Uninterested in Reliance buy?

Insolvent polyolefins producer LyondellBasell (Rotterdam / The Netherlands; www.lyondellbasell.com) is making it clear it doesn’t want to be acquired by Reliance (RIL, Mumbai / India; www.ril.com), Indian reports say. Some analysts see the enhanced Reliance offer of USD 14.5 bn as too low, as the polyolefins economy appears to be improving. Others believe the acquisition would not benefit Reliance, anyway.

For 2009, LyondellBasell reported an operating profit of USD 317m, thanks largely to restructuring, but the bottom line was a negative USD 2.9m. The 39% sales slip against 2008 to USD 31 bn is blamed on lower selling prices and lower volumes.

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