Reliance, LyondellBasell execs meet in Houston

12 December 2009 00:32  [Source: ICIS news]

HOUSTON (ICIS news)--Top executives with LyondellBasell and India-based Reliance Industries met in Houston this week amid talks for Reliance to buy a controlling stake in LyondellBasell, according to reports on Friday.

The executives dined in a private room at Kiran’s Restaurant and Bar on Wednesday in Houston, restaurant manager Kiran Verma told ICIS news.

She said Reliance chairman Mukesh Ambani did not attend the event but was in the area and was sent a take-out dinner. Verma said the restaurant also prepared take-out meals for several Reliance officials for the following day.

LyondellBasell could not be immediately reached for comment.

The event was initially reported by the Houston Chronicle.

Reliance was 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.

Earlier, LyondellBasell said it received a preliminary, nonbinding offer from Reliance. The company has yet to make a final offer.

($1 = €0.68)

For more on LyondellBasell or Reliance visit ICIS company intelligence
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By: Brian Ford
+1 713 525 2653



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