Reliance Increases Offer For LyondellBasell To US$14.5bn

India's Reliance Industries has made an increased offer of US$14.5bn for bankrupt petrochemicals giant LyondellBasell, according to a Bloomberg report on February 22 citing two people with knowledge of the offer. Under the deal, LyondellBasell creditors would have the option of receiving cash or an equity stake. LyondellBasell rejected an offer in January that valued the company at US$13.5bn. According to French news agency Agence France-Presse, LyondellBasell's restructuring plan values the company at as much as US$15.5bn. If the bid succeeds, Reliance would be catapulted from its current position as India's leading conglomerate into the ranks of the major global players.

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