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LyondellBasell Rejects Higher Offer from Reliance Industries

3:35 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...

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