Bankrupt petrochemicals maker LyondellBasell has rejected a bid for takeover by India's Reliance Industries Ltd. The New York Post reported that a creditor group led by US private equity firm Apollo Management, which is controlling Lyondell's bankruptcy process in the United States, is expected to reject Reliance's latest bid. Reliance raised its offer twice, with chances for success clouded by the prospect that senior creditors may take a loss at the price Reliance has proposed and gain more from an independent Lyondell.
It seems likely that RIL will turn its attention to other acquisition opportunities.
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