23 November 2009 02:30 [Source: ICIS news]
SINGAPORE (ICIS news)--Reliance Industries, ?xml:namespace>
In a statement over the weekend, LyondellBasell said Reliance had made a non-binding offer “to acquire for cash a controlling interest in the company”, but did not provide financial details of the proposed deal.
“This offer is in addition to the previous non-binding equity financing proposals received by the company and represents a potential alternative to the initial plan of reorganization previously filed by the company,” LyondellBasell added.
The debt-ridden chemical company had reiterated its plans to emerge from bankruptcy protection by the end of the year, following reports of a bid by Reliance that surfaced in late September.
LyondellBasell is among the world’s largest polymers, petrochemicals and fuels companies, with a presence in Asia through HMC Polymer in
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