LyondellBasell rejects RIL takeover bid

LyondellBasell is understood to have rejected a multi-bn dollar takeover bid by RIL.

Global petrochemicals major LyondellBasell is understood to have rejected a multi-billion dollar takeover bid by Indian giant Reliance Industries.

Luxembourg-based LyondellBasell is believed to have today submitted to the US Bankruptcy Court a detailed plan of settlement with the creditors to move out of bankruptcy protection,terming this plan as superior to the sale of controlling stake to Indian billionaire Mukesh Ambani-led Reliance Industries.

While an RIL spokesperson declined to comment on the development,the officials at LyondellBasell could not be contacted immediately.

RIL had reportedly made a USD 12-billion bid to acquire controlling stake in the global major and later raised the bid to over USD 14 billion. The two companies had disclosed in November last year that they were negotiating for a possible deal,but never officially disclosed the financial details.

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Reliance Industries

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