Reliance makes a bid for Dutch petrochem major LyondellBasell

India's largest private sector company, Reliance Industries Ltd (RIL) has submitting a preliminary offer to acquire a controlling stake in the world's third-largest petrochemicals firm, LyondellBasell by.
A statement released by LyondellBasell on Saturday confirmed that it had received a preliminary non-binding offer from RIL to acquire for cash a controlling interest in the company concurrently with the company's emergence from Chapter 11 reorganisation.''

''This offer is in addition to the previous non-binding equity financing proposals received by the company and represents a potential alternative to the initial plan of reorganisation previously filed by the company,'' the statement further said.

Details of the offer have not been disclosed, although analysts value the transaction up to $12 billion, making it one of the largest Indian overseas acquisitions. In 2006, Tata Steel acquired Corus for $12.2 billion, the biggest buyout so far.

Earlier this month, there were reports that Mumbai-based RIL, the world's largest producer of polyester yarn and fibre, is on the lookout for global acquisitions. (See: RIL scouts for global acquisitions)

RIL said in a statement: ''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.''

Rotterdam, Netherlands-based LyondellBasell is one of the world's largest manufacturers of polymers, petrochemicals, fuels and refined products including biofuels. It has over 60 production facilities spread over 19 countries employing around 15,000 people.