08 January 2010 09:09 [Source: ICIS news]
By Malini Hariharan
MUMBAI (ICIS news)--Indian conglomerate Reliance Industries has raised its valuation of LyondellBasell by $1.5bn (€735m) to $13.5bn, a source familiar with developments said on Friday.
“This is $1.5bn higher than its earlier valuation. Reliance has written to LyondellBasell about this. It is also looking at participating in an equity issue that LyondellBasell has planned,” the source said.
LyondellBasell, whose ?xml:namespace>
LyondellBasell has said that it had received substantial creditor support for its plan to reorganise the company and come out of
“But unsecured creditors have not supported the plan as they are getting virtually nothing,” the source said.
Unsecured creditors of Lyondell Chemical, which is among the
“It is a fluid situation and Reliance is playing it by the ear. There is no point in quoting high from day one; it is a strategy,” said the source.
The source added that Reliance was waiting for the outcome of a
“If the court allows this then Reliance will have to wait. Unsecured creditors also want a say in LyondellBasell’s reorganization and the court has to decide on this,” he added.
($1 = €0.70)