Regions :: North America
LyondellBasell Rejects Higher Offer from Reliance Industries
4:09 AM MST | January 8, 2010 | Natasha Alperowicz
Reliance Industries has increased its offer for a controlling interest in LyondellBasell, valuing the whole company at $13.5 billion compared with $12 billion in its November bid, according to press reports. Reliance would buy about $2.2 billion in new stock and back a separate $2.8 billion rights offering by Lyondell to take the company out of Chapter 11 bankruptcy. The reports say the Indian company wants a minority stake but "super-voting rights" that would give it control of LyondellBasell and enable it to implement business synergies. Reliance...
This information is only available to Chemical Week subscribers.
Forgot your user ID or password?
Not an IHS Chemical Week member yet?
Here's why you should be:
100% Satisfaction Guarantee