The New York Post weighs in today on the bidding for polyolefins giant LyondellBasell Industries AF SCA, with a report saying that Reliance Industries Ltd.'s $14.5 billion bid for the company will fail. Reporter Josh Kosman wrote that "three Lyondell creditors told the Post that Indian billionaire Mukesh Ambani's $14.5 billion bid for Lyondell, the world's third-largest chemical company, is expected to be rejected by a creditor group led by Apollo [Management], setting the stage for Apollo to merge Lyondell with its Hexion Specialty Chemicals operation." He notes that Reliance's Ambani "still has time to raise his offer, [but] sources doubt he will." This could be posturing, with LyondellBasell creditors trying to get Reliance to come to the table with its best final offer. Stay tuned, and we'll see if Reliance takes the opportunity to sweeten its bid.
Reliance bid for LyondellBasell comes up short?
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