This weekend we got the confirmation that Reliance Industries Ltd. was making a cash bid for LyondellBasell Industries AF. Now, it seems, more potential buyers are coming out of the woodwork. Today Bloomberg is reporting that China Petroleum & Chemical Corp. and U.S. buyout firm Texas Pacific Group are interested in buying LyondellBasell. Other candidates could surface, although some of the usual suspects might be distracted because they're working on other deals, according to this report from the Asian Chemicals Connection blog. Will Reliance succeed in buying LyondellBasell? We probably won't know for a few months. At this point we don't even know if LyondellBasell's board will decide the sell the company. Meanwhile, keep an eye on Len Blavatnik, the billionaire who put LyondellBasell together two years ago. Experts and analysts seem to agree that combining Reliance and LyondellBasell makes sense. But that doesn't mean Reliance will overpay for the company, should it come down to a bidding war.
More buyers emerging for LyondellBasell?
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