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Reliance Industries Ups Bid for LyondellBasell

2:42 AM MST | February 23, 2010 | Natasha Alperowicz

Reliance Industries has increased its bid by $1 billion to $14.5 billion for a controlling stake in LyondellBasell, local sources familiar with the situation say. Reliance declined to comment. The offer would give Reliance a minority stake in LyondellBasell but would give the company super-voting power to control LyondellBasell's board, reports say. The revised offer will allow LyondellBasell creditors to opt for cash or equity in the company. The move is partly a response to the announcement by LondellBasell last week that it had agreed to raise its payment to...

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