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This is an archive article published on March 8, 2010

RIL offer not sufficiently valuable: Lyondell

RIL has been looking to take over the Luxembourg-headquartered bankrupt petrochemicals firm.

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An offer from Indian energy major Reliance Industries was not sufficiently valuable to LyondellBasell to abandon its reorganisation plan,Lyondell said in a court filing on Monday.

Reliance,India’s largest-listed firm and controlled by billionaire Mukesh Ambani,has been looking to take over the Luxembourg-headquartered bankrupt petrochemicals firm with an offer that valued the target at about $14.5 billion.

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