RIL raises bid for LyondellBasell: Source

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New York, Jan 8: Reliance Industries Ltd has raised bid price to bankrupt chemicals firm LyondellBasell Industries, a source said on Friday, Jan 8.

Under this offer, Mukesh Ambani's RIL raised the valuation of Lyondell to $13.5 billion, up from $12 billion in an initial bid made in Nov 2009, said the source, who did not wish to be identified.

According to the source, RIL would purchase about $2.2 billion in new stock and support a separate $2.8 billion rights offering by LyondellBasell to take the company out of bankruptcy.

However, Reliance declined comment on the issue.

A spokesman from Lyondell also declined to comment on its discussions with Reliance, saying it is bound by a confidentiality agreement.

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