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Reliance Industries Bids for LyondellBasell

1:50 PM MST | November 30, 2009 | Deepti Ramesh and Robert Westervelt

Reliance Industries has made a cash bid for a controlling stake in LyondellBasell Industries. Sources close to Reliance say the company is prepared to pay $6 billion-$12 billion to acquire control of the company. Reliance’s proposed acquisition would coincide with LyondellBasell’s emergence from Chapter 11 bankruptcy protection, according to a statement issued by LyondellBasell. “Estimating the value of LyondellBasell will take a few weeks,” Reliance says. “It is a big international deal and Reliance is at this stage unsure what...

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