Reliance Industries Limited (RIL), India’s largest private sector company, in response to the statement issued today by LyondellBasell, Reliance Industries has confirmed that it has submitted to LyondellBasell a preliminary non-binding offer to acquire, for cash, a controlling interest in LyondellBasell upon its emergence from Chapter 11 pursuant to its plan of reorganization.
The offer is preliminary and subject to customary conditions including conduct of due diligence, documentation and receipt of sufficient creditor support.
Reliance further stated that, it is reviewing a number of global opportunities for growth in its core business. This review is ongoing and there can be no assurance of the outcome with respect to any of the opportunities under review, including with respect to LyondellBasell, or that any approach made in connection with such opportunities will result in a transaction.
The stock of the company presently trading at Rs 2154 on BSE (10:36 am), up 1.27 per cent compared to its previous close of Rs 2125. The stock had made 52-week-high and low of Rs 2490 and Rs 1021 respectively.
