Company News

Reliance ups offer for LyondellBasell
Indian Reliance Industries has made a higher bid of US$13.5 billion to buy LyondellBasell Industries and will further increase this by February if it is not accepted, while other reports say that the board of the bankrupt firm had rejected this offer.

According to the story in the Indian Business Standard, this is more than the previous offer of US$12 billion in cash. Meanwhile another story in the Wall Street Journal, says that LyondellBasell's board had rejected Reliance’s revised offer saying that the company is worth US$15.5 billion.

A controlling stake in the Netherlands-based LyondellBasell, which is the world's third largest independent chemical company and the largest polyolefins maker, would allow Reliance access to the US market.