LyondellBasell (Rotterdam / The Netherlands; www.lyondellbasell.com) has received what it says is a “preliminary non-binding” offer from Indian conglomerate Reliance Industries (Mumbai; www.ril.com) to acquire a controlling interest in the Dutch-based group when its US operations emerge from Chapter 11 insolvency proceedings.

LyondellBasell said the offer from Reliance is in addition to the previous non-binding equity financing proposals it received. At the same time, it called the Indian bid a “potential alternative” to the initial reorganisation plan it filed in September – see Plasteurope.com of 16.09.2009. The polyolefins giant did not reveal the source of the other proposals it has received.

Reliance, which noted that its offer is “subject to due diligence and sufficient creditor support,” has been seeking for some time to become a global chemicals player with a solid base in Europe and North America. In recent weeks, it has made no secret of the fact that it is keen to buy into the debt-ridden group, which has considerable operating strength on the two continents.

LyondellBasell’s US arm filed for Chapter 11 protection from creditors in January 2009 and the group later added a filing for its European intermediate holding LyondellBasell Industries based in Luxembourg. Throughout the year, it has maintained that it intends to emerge from bankruptcy at the end of this year. However, commenting on the Reliance offer, a US spokesman said management “is no longer speculating on the timing.”