UPDATE 1-India's Reliance close to $6 bln overseas buy-paper

Mon Nov 9, 2009 8:58am GMT
 
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* Paper says Reliance to buy assets of LyondellBasell

* Paper says announcement likely by Nov. 17

* Reliance Industries declines direct comment on report

* Reliance says sees several interesting opportunities

* Reliance shares up 2.7 pct (Adds details, background, share prices, analyst and spokesman comments)

MUMBAI, Nov 9 (Reuters) - Indian energy giant Reliance Industries (RELI.BO) is close to a nearly $6 billion overseas acquisition and the likely target is the assets of petrochemicals firm LyondellBasell, the Economic Times reported on Monday, citing an unidentified banker.

Luxembourg-based LyondellBasell [ACCEIN.UL] filed for bankruptcy protection in January, unable to meet its debt obligations after demand dropped for petrochemicals products during the global economic downturn.

Reliance could buy the U.S. and European assets of LyondellBasell, the paper said, citing an unidentified banker.

At 0830 GMT shares in Reliance were up 2.8 percent to 2,012 rupees, in a Mumbai market that was up 1.45 percent, having risen as much as 3.6 percent to their highest since Oct. 29.  Continued...

 

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