Mukesh Ambani led Reliance Industries Ltd has raised its bid for bankrupt chemicals maker Lyondell Basell to an offer which values the company at $14.5 billion, a source familiar with the deal told Reuters on Monday.Reliance made its offer this weekend, the source said. Reliance is still seeking majority control of LyondellBasell, the source said.
Reliance, India's largest-listed company, had previously offered a deal that valued LyondellBasell at $13.5 billion, a source told Reuters last month.
Lyondell spokesman David Harpole declined to comment on "any of the rumor or speculation that has been reported."
Harpole said that "the next step in this process is to file the amended plan of reorganization and the amended disclosure statement."
The company still plans to file those documents with the bankruptcy court on March 1, with a hearing on the disclosure statement on March 8, said Harpole.
Earlier in February, LyondellBasell said it had reached a settlement with creditors over a lawsuit stemming from its 2007 leveraged buyout, paving the way for bankruptcy emergence.
Lyondell, which was forced into bankruptcy just over a year ago amid a cash crisis, has been sparring with creditors for months over a $22 billion lawsuit the creditors brought against the banks, advisers and executives who put together Lyondell's leveraged buyout by Basell in 2007.
Source:http://timesofindia.indiatimes.com/biz/india-business/RIL-sweetens-bid-for-Lyondell/articleshow/5604912.cms