No final bid yet from RIL, says LyondellBasell

LyondellBasell and RIL late last month disclosed a "preliminary non-binding offer" by the Indian company for taking a controlling interest in the world's third largest independent petrochemical maker. Going by industry sources, Reliance Industries' bid could be more than $12 billion

Amid reports that Indian corporate giant Reliance Industries Ltd (RIL) was mobilising funds for its acquisition of LyondellBasell, the global petrochemical major has said that it has not yet received a final bid.

"Reliance has not made a final bid, (it has made) only a preliminary non-binding offer," said a spokesperson for LyondellBasell, which is currently fighting to get out of bankruptcy.

In reply to emailed queries, the spokesperson told PTI that a settlement agreement has been reached between LyondellBasell and the financial party defendants in the litigation brought by the unsecured creditor's committee on behalf of the bankruptcy estate.

"The proposed settlement, which must be approved by the bankruptcy court, calls for a cash payment of $300 million to unsecured creditors upon the company's exit from bankruptcy," he said.

LyondellBasell and RIL late last month disclosed a "preliminary non-binding offer" by the Indian company for taking a controlling interest in the world's third largest independent chemical maker. Going by industry sources, Reliance Industries' bid could be more than $12 billion.

Asked about the financial details of the proposed bid from RIL, the spokesperson said, "We are bound by a confidentiality agreement and will provide no further information."
 

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