Lyondell Rejects India's Reliance Bid

Bankrupt petrochemicals firm LyondellBasell has rejected a bid by Indian energy major Reliance Industries, Bloomberg reported, citing two people briefed on the matter.

Reliance, controlled by billionaire Mukesh Ambani, is likely to turn its attention to other acquisition opportunities if its bid for Lyondell, valuing the bankrupt firm at $14.5 billion, falls short.