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Reliance Industries Bids for LyondellBasell

11:53 PM MST | November 24, 2009 | Deepti Ramesh and Lindsey Bewley

Reliance Industries has made a cash bid for a controlling stake in LyondellBasell Industries. Terms were not disclosed but sources say Reliance expects to contribute between $6 billion-$12 billion to acquire the controlling stake. Reliance's proposed acquisition would coincide with LyondellBasell's emergencefrom Chapter 11 bankruptcy protection, according to a statement issued by LyondellBasell.(UPDATED: Nov. 23/9:10 am)...

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