LyondellBasell rejects RIL's takeover offer

Global petrochemicals major LyondellBasell on Monday rejected a multi-billion dollar takeover offer from Indian giant Reliance Industries, preferring its own restructuring plan to exit bankruptcy.

"After deliberate consideration, it was determined that LyondellBasell's amended plan is superior to the Reliance proposal, and that proceeding with this plan is in the best interests of creditors and the estate," LyondellBasell spokesperson David Harpole told PTI.

LyondellBasell has filed an amended Disclosure Statement and reorganisation plan with the US bankruptcy court. "The amended Disclosure Statement also addresses the unsolicited non-binding proposal that Reliance Industries made to acquire an interest in the company during our reorganisation process," the spokesperson said.

Billionaire Mukesh Ambani-led RIL had reportedly made a $12-billion bid to acquire controlling stake in the global major and later raised the bid to over $14 billion.

In November last year, the two companies had disclosed that they were negotiating for a possible deal, but never officially disclosed the financial details.

About RIL's bid, the spokesperson said the proposal was carefully evaluated by LyondellBasell's Management Board and the independent directors of the Supervisory Board.

They also took into consideration various factors including the views of key creditor constituencies, Harpole added.