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This is an archive article published on November 21, 2009

RIL submits bid for LyondellBasell

RIL said it has submitted a bid to acquire US petro-chemical giant LyondellBasell.

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Country8217;s most valued firm Reliance Industries said it has submitted a bid to acquire US petro-chemical giant LyondellBasell that has a market valuation of USD 55 billion.

8220;RIL confirms that it has submitted to LyondellBasell a preliminary non-binding offer to acquire for cash a controlling interest in LyondellBasell upon its emergence from chapter 11 reorganisation,8221; RIL said in a statement.

If successful this will be the biggest acquisition by any Indian company overseas. LyondellBasell is the world8217;s third largest petro-chemical company,with a market capitalization of USD 55 billion.

It had filed for Chapter 11 protection in January 2009 after it was impacted by high leverage,adverse market conditions and liquidity issues.

8220;The offer is preliminary and subject to customary conditions,including conduct of due-diligence,documentation and receipt of creditors support,8221; RIL added.

LyondellBasell has confirmed having received a non-binding offer from RIL but did not disclose the bid price.

 

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