LyondellBasell Statement on Reliance Industries
HOUSTON, Nov. 21 /PRNewswire/ -- LyondellBasell today issued the following statement:
"LyondellBasell has received a preliminary non-binding offer from Reliance Industries Limited to acquire for cash a controlling interest in the company contemporaneously with the company's emergence from Chapter 11 reorganization. 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 reorganization previously filed by the company. Consistent with its fiduciary duties, management will continue to work with all parties to design an approach that maximizes value for the company's creditors through the pursuit of a confirmable plan of reorganization and enhances the financial strength of the reorganized company."
LyondellBasell Industries is one of the world's largest polymers, petrochemicals and fuels companies. We are the global leader in polyolefins technology, production and marketing; a pioneer in propylene oxide and derivatives; and a significant producer of fuels and refined products, including biofuels. Through research and development, LyondellBasell develops innovative materials and technologies that deliver exceptional customer value and products that improve quality of life for people around the world. LyondellBasell (www.lyondellbasell.com) is privately owned by ProChemie GmbH, a joint venture of Access Industries and ProChemie Holding Ltd.
Media Contact: David A. Harpole +1 713 309 4125 Investor Contact: Douglas J. Pike +1 713 309 7141
SOURCE: LyondellBasell Industries
Web site: http://www.lyondellbasell.com/