India’s Reliance Industries said it has increased its offer to $14.5bn from $13.5bn for the debt-ridden chemicals group LyondellBasell.
If accepted, the offer will help LyondellBasell out of bankruptcy, according to reports.
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In return, Lyondell says it will offer Reliance a foothold in the US refining industry through its 268,000bpd plant in Texas.
The deal will also offer Reliance entry to Europe through its refinery in France, which has a capacity of about 105,000bpd, according to ft.com.
