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Reliance Industries to Buy LyondellBasell?

9:10 AM MDT | September 21, 2009 | Natasha Alperowicz

Reliance Industries is preparing to launch a bid to acquire all or parts of LyondellBasell for up to $3.25 billion in cash, according to the Indian TV network CNBC-TV18. Reliance declined to comment on the report and a LyondellBasell spokesman said he had no knowledge of any interest from Reliance Industries. According to the report, Reliance would make payment directly to LyondellBasell's creditors, which include Citigroup, Royal Bank of Scotland and Bank of America-Merrill Lynch, enabling it to buy assets directly through them. LyondellBasell, currently in...

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