Sinopec and TPG not in race for LyondellBasell

26-Nov-09
China’s largest refiner - Sinopec and US private equity investment firm TPG are not in the race to acquire a stake in LyondellBasell. It was earlier reported that the two are considering bidding for a stake in bankrupt the Dutch chemical major. Any bids for LyondellBasell, which filed for bankruptcy in April, may compete against a reorganization plan including a rights offering backstopped by Access, Apollo Management LP and Los Angeles-based Ares Management LLC. TPG had made an earlier bid to backstop the offering that was rejected.
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