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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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Country’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.

“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,” RIL said in a statement.

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

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

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

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

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