News Update: LyondellBasell Rejects Reliance Industries Revised $14.5 Billion Bid
3/2/2010-lyondellbasell’s board of directors has reportedly rejected a $14.5 billion revised bid from Reliance Industries Tuesday. Reliance Industries Ltd., which owns the world’s largest oil-refining complex and is run by India’s richest man, boosted its offer for bankrupt lyondellbasell Industries AF to approximately $14.5 billion last month. The offer was raised from an earlier bid of $13.5 billion. The offer puts billionaire Mukesh Ambani against creditors that included NY-based PE firm Apollo Management LP.