India’s Reliance planning LyondellBasell acquisition - paper

09 November 2009 07:26  [Source: ICIS news]

SINGAPORE (ICIS news)--Reliance Industries is close to announcing a major overseas acquisition, likely to be LyondellBasell, before the Indian major’s annual general meeting on 17 November, a report in India’s Economic Times said on Monday.

Bankers and analysts said the deal could be worth in the region of $6bn, the Indian national newspaper added.

Neither Reliance nor LyondellBasell were immediately available for comment on a further development in the rumours, which first emerged last month.

LyondelBasell has been forced to seek Chapter II protection in the US because of the economic crisis.

Reliance has been connected with many other major overseas acquisitions in the past, but it has yet to buy a major business outside India.

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By: Staff Reporter
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