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Back You are here: Home Web Only Industry Headlines End-User News Reliance Doesn't Plan To Raise Bid for Lyondell-Source

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Reliance Doesn't Plan To Raise Bid for Lyondell-Source

India's Reliance Industries Ltd. doesn't plan to raise its bid again to take control of petrochemicals maker LyondellBasell Industries, when it exits bankruptcy, a person close to the deal told Dow Jones Newswires, saying market conditions didn't justify that.

Bloomberg News reported Tuesday that the board of Rotterdam-based LyondellBasell rejected a $14.5 billion bid from Reliance, citing two people aware of the deal.

Source: Dow Jones

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