Company News

Reliance ups offer for polyolefins maker
Another Indian conglomerate Reliance Industries has increased its offer for Netherlands-based LyondellBasell Industries to US$14.5 billion, from the reported US$13.5 billion it made last year.

With this new bid, LyondellBasell’s creditors will have the option to take either cash or equity in the company and although the new offer will give Reliance only a minority stake it will have control of LyondellBasell's board, said a report in the Wall Street Journal.

The world’s largest manufacturer of polyolefins, LyondellBasell filed for bankruptcy in the US early last year. Since then it has been undertaking a restructuring exercise and early this year announced an agreement that will give its unsecured creditors an equity stake in the new organisation.