RIL revises offer for Lyondell to $14.5 bn

Reliance Industries is believed to have raised its offer for bankrupt petrochemical firm LyondellBasell Industries by about USD 1 billion to USD 14.5 billion.

RIL had in November made a preliminary,non-binding offer for fuels- and chemicals-maker LyondellBasell and revised it to about USD 13.5 billion last month.

On the heels of the bankrupt companys unit Lyondell Chemical Co reaching a settlement with its unsecured creditors and lenders,RIL is believed to have raised the offer to USD 14.5 billion,sources in know of the development said.

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The Indian firm has now offered Lyondell creditors the option of cash or equity in the company.

The (RIL) management was till Saturday (February 20) mulling on revising offer for Lyondell. They were debating whether to say in contention or drop out. To my understanding,they may have decided to stay on, a source said.

A company spokesperson declined to comment.

A deal between RIL and Lyondell would create a global energy and chemicals giant,with annual revenues estimated at near USD 80 billion. The worlds third-largest independent chemical company would give RIL petrochemical plants two oil refineries and access to the US fuel market.

RIL shares fell by 0.54 per cent to close at Rs 978.90 on the Bombay Stock Exchange.

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