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Asian Chemical Connections

What’s next for Reliance?

By Malini Hariharan Reliance Industries appears to have hit the end of the road in its quest for LyondellBasell which has filed its own restructuring plan, rejecting a $14.5bn Reliance offer. LyondellBasell has said the Reliance offer was not “sufficiently valuable to abandon” its amended reorganisation plan. “The proposal…did not assure a higher overall value […]

Time to get aggressive

By Malini Hariharan LyondellBasell’s board is reported to have rejected Reliance Industries’ revised $14.5bn buyout offer. The rejection is not surprising as LyondellBasell is said to have valued itself at $15.5bn in its restructuring plan. Reliance still has room to up its offer although financial analysts are worried that a high-priced deal would not be […]

Dear Mr Ambani – or can I call you Mukesh?…..

    Source of picture: http://www.twelveatthetop.uku.co.uk/page18.htm     …I see from this news report – – that you have denied claims of your interest in buying Liverpool Football Club. If, perhaps, you do have any interest in buying an English football club may I turn your attention slightly eastward to the wonderful city of Leeds […]

Braskem makes its first US move; acquires Sunoco PP assets

By Malini Hariharan Less then a week after the blog had highlighted Braskem’s plans for global growth through acquisitions the company has announced that it will buy the polypropylene (PP) assets of US-based Sunoco. The $350m deal, still subject to regulatory approvals, gives Braskem 950,000 tonnes/year of US capacity and makes it the third largest […]

Time for Reliance to make its next move

By Malini Hariharan Reliance’s bid to acquire LyondellBasell has taken an interesting turn after yesterday’s court ruling. The US bankruptcy court has allowed Lyondell Chemical, the US arm of LyondellBasell, time until 15 April to file a reorganisation plan. During that time, no other competing reorganisation plans can be filed with the court. “… With […]

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 […]

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 […]

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