04.03.2010 • News

Reliance Not Planning to up Lyondell Offer

India's Reliance Industries does not plan to raise its bid for bankrupt petrochemicals maker LyondellBasell, a source familiar with the matter said on Wednesday. Shares in Reliance were boosted on Wednesday as investor fears the Indian energy major would overpay for LyondellBasell were allayed after the Luxembourg-headquartered group was said to have rejected its offer, which valued the target at about $14.5 billion.

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