InfoAnda - Reliance shares rise over 3% on LyondellBasell bid

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Reliance shares rise over 3% on LyondellBasell bid AFP - Tuesday, November 24 Send IM Story Print Reliance shares rise over 3% on LyondellBasell bid Slideshow: Full Photo Coverage: Business & Economy MUMBAI (AFP) - – Shares in Indian giant Reliance Industries rose nearly four percent Monday after it announced a cash bid to buy a controlling stake in bankrupt petrochemicals firm LyondellBasell Industries. The refining and energy exploration company hiked 3.75 percent or 79.85 rupees to a day's high of 2,205 before easing back to close 3.31 percent higher at 2,195.5 on the Mumbai stock exchange. Analysts welcomed the offer for Luxembourg-based LyondellBasell, estimating that the deal could be completed in eight months. "The potential benefit is Reliance can use Lyondell's platform to distribute its petrochemical products," said Deepak Pareekh, oil and gas analyst at Angel Broking. "Reliance has seen stellar growth domestically, but can grow further by looking overseas." The deal would be among the biggest overseas acquisitions ever made by an Indian company. Reliance is in a strong financial position for overseas acquisitions with cash reserves of nearly 195 billion rupees (four billion dollars), its chairman Mukesh Ambani disclosed at a shareholders meeting last week. In September, Reliance said it raised 660 million dollars through a share sale from its Petroleum Trust unit, which analysts said could be a move to boost its acquisition war chest. Reliance, the country's largest private sector company, did not say how much it had offered LyondellBasell but an unidentified banker told the Times of India on Sunday that the company would have to pay at least 12 billion dollars. "The offer is preliminary and subject to customary conditions including conduct of due diligence, documentation and receipt of sufficient creditor support," Reliance said in a statement late Saturday. Analysts say Reliance would benefit from technological advances through a deal with LyondellBasell and that it would also get an entry to the US fuel market, the world's largest. "Reliance will be in a position to extract a favourable deal for itself (considering Lyondell's weak financial status)," Gaurav Dua, head of research with local brokerage Sharekhan, told AFP. Reliance said recently it was reviewing opportunities for growth. It completed the worlds largest oil-processing complex last December in Jamnagar, western India, where two adjacent refineries have a combined capacity to process 1.24 million barrels of oil a day. Trading in its shares have been choppy in recent weeks on weak quarterly earnings as refining margins were hit by low global crude prices and a Supreme Court battle between Mukesh Ambani and his younger brother Anil over gas supplies. Net profit fell to 38.52 billion rupees in the September quarter, from 41.22 billion rupees a year earlier, Reliance said last month. Recommend Send IM Story Print Related Articles Gold hits record above $1,170/oz as dollar slides Reuters - 1 hour 18 minutes ago Falling Chicago Fed index bodes ill for U.S. recovery Reuters - 1 hour 24 minutes ago Wall St opens higher after Bullard comments Reuters - 1 hour 26 minutes ago US STOCKS SNAPSHOT-Wall St opens higher after Bullard comments Reuters - 1 hour 32 minutes ago Citi, UBS rank low in S&P new capital ratio study Reuters - 1 hour 35 minutes ago News Search Top Stories Atlantis astronauts begin third and last spacewalk U2 to headline Glastonbury festival Atlantis astronauts begin final spacewalk Executives testify in Airbus insider trading probe OECD area shakes off recession with fragile rebound More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Antarctic ice loss vaster, faster than thought: study BA warns cabin crew over strike: report Crisis forcing hard-up Spaniards to sell their hair Harnessing the power of salt, Norway tries osmotic power US economy will 'bounce back': Indian PM More Most Viewed » Alcohol helps cut heart disease risk for men: study More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2009 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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