08 December 2009 18:14 [Source: ICIS news]
HOUSTON (ICIS news)--Indian major Reliance Industries is talking to several banks to line up an $8bn-10bn (€5bn-7bn) loan to acquire a controlling stake in LyondellBasell, the Economic Times reported on Tuesday.
Standard Chartered, Barclays Capital, HSBC and some French banks were among those in talks with Reliance, the Economic Times reported, quoting bankers with knowledge of the negotiations.
The lead financier would likely be JP Morgan, the newsaper said.
JP Morgan, Barclays and HSBC were not immediately available for comment.
Standard Chartered referred questions to its wholesale banking office in Singapore.
Earlier, LyondellBasell said it received a preliminary, nonbinding offer from Reliance. The company has yet to make a final offer.
LyondellBasell has a confidentiality agreement with Reliant, barring it from further commenting on any actions that could be underway, said David Harpole, company spokesman.
($1 = €0.67)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections