India's Reliance offers to acquire control of LyondellBasell

23 November 2009 02:30  [Source: ICIS news]

SINGAPORE (ICIS news)--Reliance Industries, India’s petrochemical giant, has offered to acquire a major stake in chemical firm LyondellBasell, that should help the financially-troubled US company exit from bankruptcy protection.

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 Thailand and Polymirae in South Korea.

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By: Pearl Bantillo
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