RIL raises cash component almost threefold for LyondellBasell acquisition offer

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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