India's Reliance in talks for major US takeover
Indian refining giant Reliance Industries is in talks with stricken US petrochemicals group Lyondell-Basell to buy some of its US assets, a source told AFP Monday.
The purchase, which would signal the cross-border acquisition market is picking up again after the global financial crisis, is under discussion and might be announced this month, the source said.
"Talks are on at present, but details are to be finalised," the source, who is familiar with the talks, said on condition of anonymity.
The Economic Times newspaper reported that Reliance was planning to make an announcement before its annual general meeting on November 17, with the transaction valued at between 3.35 and 6.0 billion dollars.
The financial daily said it had consulted bankers and analysts, one of whom said the transaction, if it included European and US assets, could be around six billion dollars.
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