LyondellBasell Board Rejects Reliance Industries' Bid

摘要

The board of LyondellBasell Industries has rejected Reliance Industries' bid for a controlling stake that valued LyondellBasell at $14.5 billion, sources say. The board favors a competing reorganization plan developed by LyondellBasell management and backed by Len Blavatnik's Access Industries Holding and LyondellBasell's creditors including private equity firm Apollo Management, sources add. LyondellBasell and Reliance declined to comment on the latest position. Reliance increased by $1 billion on February 22 an earlier offer that valued LyondellBasell at $13.5 billion.