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Saturday, February 20, 2010

Reliance submits revised offer for LyondellBasell: Sources

India's largest private gas refiner, Reliance Industries is still in the race for LyondellBasell, reports CNBC-TV18, quoting sources. The company meets the February 19 deadline by submitting an updated offer for LyondellBasell. The revised offer comprises a marginal hike, a slight tweaking of its December 2009 proposal.

RIL's December proposal, which sought strategic stake and majority voting rights, valued LyondellBasell at USD 13.5 billion.

But earlier this week, the bankrupt petrochemicals maker settled a dispute with creditors, paving the way for an exit from bankruptcy. The enterprise value of LyondellBasell is now pegged at a minimum of USD 14.5 billion.

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