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November 23, 2009

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Home » Business » Energy

Reliance may be white knight

LYONDELLBASELL Industries said on Saturday that India-based Reliance Industries offered to acquire a controlling interest in the beleaguered chemical company, which is under bankruptcy protection.

LyondellBasell declined to disclose the value of the cash offer. Reliance did not respond to requests for comment.

Reliance's offer "represents a potential alternative to the initial plan of reorganization," LyondellBasell said, and it "will continue to work with all parties to design an approach that maximizes value for the company's creditors."

The offer is nonbinding and is in addition to other nonbinding equity financing proposals LyondellBasell has received.

LyondellBasell is the world's third-largest independent chemical firm. Its products are used in gasoline, plastics, electronics, autos and paints.

LyondellBasell was formed in 2008, when Basell International Holdings paid US$12.7 billion for Houston-based Lyondell Chemical.


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