LyondellBasell: RIL set for formal bid

Reliance Industries is preparing to submit a binding financial bid directly to the management of bankrupt petrochemical firm LyondellBasell to acquire a controlling stake in the Netherlands-based company.

Reliance Industries is preparing to submit a binding financial bid directly to the management of bankrupt petrochemical firm LyondellBasell to acquire a controlling stake in the Netherlands-based company.

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A source close to the Mukesh Ambani-controlled group told Hindustan Times that Reliance was ready in the wake of an extension of time-frame to revamp the company. The rules of engagement say that RIL formally submit a bid to the existing management, which has the right of way on drafting a turnaround plan.

US Bankruptcy Judge Robert Gerber sitting in a Manhattan court on Tuesday gave LyondellBasell time till April 15 to file its own restructuring plan.

“While the order prevents parties in the case from filing a competing proposal, they can still ask to shorten Lyondell’s exclusivity,” Gerber said.