RIL close to acquire LyondellBasell; stk up 2%

183737 Investors following Reliance. Share this News with them.

0

Like this story, share it with millions of investors on M3

RIL close to acquire LyondellBasell; stk up 2%

Reliance close to $6 bln overseas buy - paper

Post your opinion here

 

0

Tweet

Share on Tumblr

ALSO READ See latest News about Reliance See previous management interviews See what other Experts & Brokerages are saying about Reliance Reliance BSE | NSE 28/05/12 Are Mutual Funds betting on Reliance?

Energy giant Reliance Industries is close to a nearly USD 6 billion overseas acquisition and the likely target is the assets of petrochemicals firm LyondellBasell, the Economic Times reported on Monday, citing an unidentified banker.

LyondellBasell is undergoing restructuring under the administration of a US Bankruptcy Court, it said.

Reliance will likely make an announcement before its annual shareholders meeting on November 17, the newspaper said, citing a source close to the development.

LyondellBasell's website showed the company had filed to reorganise its US operations and one of its European holding companies under the Chapter 11 of the US Bankruptcy Code on January 6, 2009 to restructure the company's debts.

"Reliance Industries is reviewing a number of global opportunities for growth in its core business," the paper quoted a public relation agency official as saying on behalf of Reliance.

"The difficult operating environment of the past year has made available several interesting opportunities, where an investment by a strategic operator of industrial assets can add substantial value," the official said.

A spokesman for Reliance was not immediately available for comment.