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Reliance offers to buy bankrupt LyondellBasell
India’s largest petrochemicals/oil refining company Reliance Industries has made a bid for a controlling stake in the Netherlands-based polyolefins maker LyondellBasell in an offer said to be worth between US$6-12 billion.

In a statement it issued, the bankrupt LyondellBasell said it had received a preliminary non-binding offer from Reliance. It went on to say that the offer “represents a potential alternative to the initial plan of reorganisation previously filed by the company.”

LyondellBasell Industries is one of the world's largest polymers, petrochemicals and fuels companies. The global leader in polyolefins had a revenue of US$50.7 billion in 2008.

Reliance’s revenue in the fiscal year that ended in March was US$32.4 billion. Almost 59% came from refining and 36% from petrochemicals – it is one of the world’s largest PP makers.

Reliance’s takeover of LyondellBasell would be the second largest chemicals-based acquisition this year, following the US$18.8 billion purchase of Rohm & Haas by US-based Dow Chemical.

 
 
 
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