Reliance mulls acquisition of American assets of LyondellBasell

Reliance Industries is planning acquisition of American assets of LyondellBasell, in a bid to extend the reach of his petrochemical business into foreign. LyondellBasell collapsed in January under a US$26 bln debt. LyondellBasell is expected to leave Chapter 11 bankruptcy protection next year. The holding company is half-owned by Access Industries and ProChemie. ProChemie acquired its stake in LyondellBasell in May, four months after the chemical group’s American businesses and a European finance company sought Chapter 11 bankruptcy protection in the United States. The European businesses, which include chemical plants in Manchester and Birmingham, remain outside the bankruptcy process.
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