India's Reliance Eyes MGM Bid

Reports of Reliance's potential bid for MGM are a meaningful symbol of the ascent of BRIC outward M&A at the expense of underperforming US giants. The Indian conglomerate, which has upped its bid for Dutch chemicals producer LyondellBasell to US$13.5bn, now wants a piece of the US entertainment industry. This deal differs from the Lyondell Basell one, as Reliance views MGM as a distressed asset, given that the studio is facing a key Jan 31 deadline for debt repayment. Acquisition of distressed assets is a significant theme for Indian outbound M&A in 2010. Consolidation in the US and Europe should

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