Reliance hikes offer for LyondellBasell: report
20 Feb 2010
Reliance Industries is reported to have submitted a revised bid for LyondellBasell, valuing the ailing Dutch petrochemical giant at around $14.5 million, up from its earlier offer of $13.5 billion.(See: Reliance hikes offer for LyondellBasell to $13.5 billion)
A news report by television news channel CNBC-TV18, quoting RIL sources, said the company submitted the bid before the 19 February deadline expired.
Reliance Industries, India's largest private refiner, had, in December, offered to acquire LyondellBasell for $13.5 billion. RIL had sought a strategic stake and majority voting rights in the company.
RIL was forced to increase its offer after LyondellBasell settled a dispute with creditors, earlier this week, paving the way for an exit from bankruptcy. (See: LyondellBasell says agreement with creditors clears way for bankruptcy exit)
The new offer, which is around $1 billion higher than the earlier offer, will have cash and stock options for shareholders and creditors.
On Tuesday, unsecured creditors of LyondellBasell agreed to settle a dispute over their claims after the company offered an additional $150 million and take the total cash payout to $450 million.