RIL raises cash component almost threefold for LyondellBasell acquisition offer

28-Dec-09
Reliance Industries Ltd has raised by three fold, its cash component for its acquisition offer for LyondellBasell. The cash component of RIL’s US$12 bln non-binding proposal for the acquisition of the bankrupt LyondellBasell has been increased from US$2 bln to US$5-6 bln. This could be deemed as a counter offer to the move by Apollo Group and improve RIL’s chances of holding a stake in the Dutch company. Apollo Group, which has an exposure as lenders to LB of nearly US$10 bln, has proposed a new reorganization plan, wherein it would willingly convert US$18 bln of secured and bridged loans into equity, along with US$2.8 bln as cash to backstop LB’s rights offer. The court hearing scheduled for February 10, will decide the future course LyondellBasell.
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