CHICAGO, Nov 21 (Reuters) - LyondellBasell said on Saturday it had received a nonbinding cash offer from Indian energy giant Reliance Industries to acquire a controlling interest in the company.
Petrochemicals firm LyondellBasell said in a statement that the offer represented a potential alternative to its previously filed reorganization plan to emerge from Chapter 11 bankruptcy.
LyondellBasell did not say how much the offer was for.
'Consistent with its fiduciary duties, management will continue to work with all parties to design an approach that maximizes value for the company's creditors through the pursuit of a confirmable plan of reorganization and enhances the financial strength of the reorganized company,' the statement said.
Reliance is India's largest conglomerate with interests in petrochemicals, refining, oil and gas exploration, textiles and retail.
In September, Reliance raised about $660 million in a share sale that analysts said was likely to help the firm make acquisitions.
Luxembourg-based LyondellBasell filed for bankruptcy protection in January, unable to meet its debt obligations after demand dropped for petrochemicals products during the global economic downturn.
(Reporting by Julie Ingwersen, Editing by Sandra Maler) Keywords: RELIANCEINDUSTRIES (julie.ingwersen@thomsonreuters.com; +1 312-408-8720; Reuters Messaging: julie.ingwersen.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Petrochemicals firm LyondellBasell said in a statement that the offer represented a potential alternative to its previously filed reorganization plan to emerge from Chapter 11 bankruptcy.
LyondellBasell did not say how much the offer was for.
'Consistent with its fiduciary duties, management will continue to work with all parties to design an approach that maximizes value for the company's creditors through the pursuit of a confirmable plan of reorganization and enhances the financial strength of the reorganized company,' the statement said.
Reliance is India's largest conglomerate with interests in petrochemicals, refining, oil and gas exploration, textiles and retail.
In September, Reliance raised about $660 million in a share sale that analysts said was likely to help the firm make acquisitions.
Luxembourg-based LyondellBasell filed for bankruptcy protection in January, unable to meet its debt obligations after demand dropped for petrochemicals products during the global economic downturn.
(Reporting by Julie Ingwersen, Editing by Sandra Maler) Keywords: RELIANCEINDUSTRIES (julie.ingwersen@thomsonreuters.com; +1 312-408-8720; Reuters Messaging: julie.ingwersen.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
