RIL loses out on LyondellBasell, gains on stock market

04-Mar-10

The shares of Reliance Industries Ltd. (RIL) have spiked past the 1000 mark as reports pour in that the bankrupt petrochemicals firm LyondellBasell rejected an acquisition bid by RIL. RIL had bid for LB in November at about US$12 bln that it raised to US$14.5 bln a week ago. Investors were concerned that RIL was paying too much for the acquisition because of which the share prices had weakened. However, markets have been eleived that the deal did not come through.