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Reliance: Higher takeover offer for LyondellBasell?

Reliance (RIL, Mumbai / India; www.ril.com) apparently has increased its takeover offer for insolvent polyolefins giant LyondellBasell (Rotterdam / The Netherlands; www.lyondellbasell.com) and is now bidding USD 13.5 bn, up from the USD 12 bn offered several weeks ago. Some reports say LyondellBasell has rejected the latest offer. Reliance reportedly has just raised USD 577m through a share sale, after increasing capital in September 2009 and is also talking to banks about loans.

Observers say a deal is unlikely to take place before the 10 February court hearing on LyondellBasell's Chapter 11 reorganisation plan.

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