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March 3 (plastemart) -- Bankrupt
petrochemicals maker LyondellBasell has rejected a bid for takeover by
India's Reliance Industries Ltd. The New York Post reported that a creditor
group led by US private equity firm Apollo Management, which is controlling
Lyondell's bankruptcy process in the United States, is expected to reject
Reliance's latest bid. Reliance raised its offer twice, with chances for success
clouded by the prospect that senior creditors may take a loss at the price
Reliance has proposed and gain more from an independent Lyondell.
It seems likely that RIL will turn its attention to other acquisition
opportunities.
mrcplast.com |
