By Malini Hariharan LyondellBasell’s aggressive moves to convince creditors to approve its own reorganisation plan have drawn a reaction from Reliance Industries. A source familiar with developments confirms that Reliance has raised its valuation of LyondellBasell to $13.5bn, up from $12bn and a letter has been sent to LyondellBasell. But the Wall Street Journal reports […]
Asian Chemical Connections
Cash Will Remain King in 2010
Still too crowded… Source of picture:www.tripadvisor.com By John Richardson Dear Readers – Welcome Back. Having spent the last two weeks lying on Western Australian beaches, drinking beer and reading books on European history – while also building sand castles etc with my three-year-old son – I have given little thought to chemicals. But […]
LyondellBasell court hearing deferred to 12 Jan
Yesterday’s crucial court hearing to determine whether LyondellBasell would have until 6 September 2010 to solicit votes for its reorganization plan has been adjourned to 12 January. It means some more waiting for Reliance Industries which is said to be seeking greater clarity from the court before it decides on a final bid for LyondellBasell. […]
Reliance decision on LyondellBasell after court hearing
By Malini Hariharan Yesterday’s media report about Reliance Industries on the verge of taking a final decision on LyondellBasell appears to have been a little premature. My sources say that a decision will be made only after the US bankruptcy court decides on a restructuring plan put forward by LyondellBasell. The company filed a revised […]
Will Reliance decide today on LyondellBasell?
By Malini Hariharan Reliance Industries will take a call today on submitting a final bid for LyondellBasell, says this report from CNBC TV18. The report, quoting unnamed sources, adds that Reliance may be having second thoughts about the acquisition. Key concerns are said to be LyondellBasell’s high debt, potential liabilities if it tries to shut […]
Reliance moving fast on LyondellBasell bid
By Malini Hariharan Reliance Industries’ bid to acquire LyondellBasell is progressing quite rapidly. I am told that a team of top executives from the company is in the US holding discussions with LyondellBasell. And according to this report in the Houston Chronicle, the team has also been enjoying Indian food in Houston. My source tells […]
Twists expected in the LyondellBasell-Reliance story
By Malini Hariharan (Malini is now joint blogger for Asian Chemical Connections) Reliance’s bid for LyondellBasell is likely to be a long drawn out affair with potential for complications from competitive bids. I talked to some sources familiar with the transaction and they say that Reliance is unlikely to be the only company interested in […]
Update 2: Reliance Betting On US Competitiveness
He’s not bad at making money Source of picture: www.dealbreaker.com SOME of the logic behind Reliance Industries’ bid for LyondellBasell could be a recognition that the globalisation of petrochemicals markets may have gone into partial reverse. A climate bill passed by the House of Representatives has a provision for taxing imports from countries where emissions […]
Update 1: Reliance said to be offering $10-12bn
Reliance Industries – which is attempting to buy LyondellBasell – is offering $10-12bn, according to this report from Reuters quoting two sources with direct knowledge of the deal. This would be one of the biggest-ever acquisitions by an Indian company. In 2007, Tata Steel bought Corus for $13bn. Reliance raised $660m through a share sale in September. […]
Reliance Bid For LyondellBasell Confirmed
Reliance Industries has made an offer for LyondellBasell says an official statement released yesterday on the LyondellBasell website: “LyondellBasell has received a preliminary non-binding offer from Reliance Industries Limited to acquire for cash a controlling interest in the company contemporaneously with the company’s emergence from Chapter 11 reorganization. “This offer is in addition to the […]
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