RIL revises Lyondell offer to $13.5 bn

Reliance Industries has offered USD 13.5 billion to buy LyondellBasell Industries.

Reliance Industries has offered USD 13.5 billion to buy LyondellBasell Industries,12.5 per cent more than its previous offer,and may sweeten it further to get control of the bankrupt petrochemicals firm.

Mukesh Ambani-led RIL had in November offered about USD 12 billion in cash for a controlling stake in Lyondell and a couple of weeks ago sent a letter increasing its offer to USD 13.5 billion,sources familiar with the development said.

RIL has offered to buy about USD 2.2 billion in new stock and support a separate USD 2.8 billion rights offering by Lyondell to take the company out of bankruptcy. Most of the remaining would be in cash,they said.

Story continues below this ad

The revised offer has not found much support from the US firm and RIL may sweeten the offer further,the sources said adding the company had time till February to make another offer.

An RIL spokesperson,however,declined to comment.

The Wall Street Journal,meanwhile,reported that Lyondell’s board had rejected RIL’s revised offer. It saw Lyondell valuation at about USD 15.5 billion,USD 2 billion more than RIL’s revised offer.

Lyondell had a year ago filed for Chapter 11 bankruptcy protection under the US law after being unable to meet its debt obligations when global economic downturn saw demand dropping.

Premji said that Wipro would partner with the Government "to find a lasting solution for Bengaluru's mobility challenges".

Wipro rejects Karnataka Govt request to allow public vehicles inside Sarjapur campus

Cities2 hr ago

Wipro, a leading company in Bengaluru, has refused to allow public vehicles inside its Sarjapur campus to ease traffic congestion. However, they have agreed to finance a study to find a solution for the traffic problem. The founder, Azim Premji, believes that the issue is complex and requires expert analysis. Wipro has also committed to funding a significant portion of the study's cost.

View all shorts

Live Blog

PHOTOS