Reliance confirms that it has submitted to LyondellBasell a preliminary non-binding offer to acquire, for cash, a controlling interest in LyondellBasell upon its emergence from Chapter 11 pursuant to its plan of reorganization. The offer is preliminary and subject to customary conditions including conduct of due diligence, documentation and receipt of sufficient creditor support.
Reliance is reviewing a number of global opportunities for growth in its core business. This review is ongoing and there can be no assurance of the outcome with respect to any of the opportunities under review, including with respect to LyondellBasell, or that any approach made in connection with such opportunities will result in a transaction.
SEBI has asked Reliance Industries why it should not be barred from accessing the stock markets under rules governing fraudulent and unfair trade practices. (BS)
