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03-02-2010, 04:18 PM #1NιѕнyGuest
Apollo poised to win LyondellBasell deal: Report
[DOWN]NEW YORK: A creditor group led by US private equity firm Apollo Management is expected to to reject Reliance Industries
Ltd's bid for bankrupt
Gang of Five behind RILís LyondellBasell bid
Full Coverage: RIL's LyondellBasell bid
chemicals maker LyondellBasell, the New York Post said, citing people familiar with the situation.
The move would pave the way for Apollo to merge LyondellBasell with its Hexion Specialty Chemicals, operation, the paper said.
On February 22, a source told Reuters that Reliance Industries had raised its bid for LyondellBasell to an offer which values the company at $14.5 billion.
The Post quoted one Lyondell creditor as saying "Reliance is making a mistake by not offering more."
Lyondell may file a reorganization plan on Monday with the US bankruptcy court in Manhattan that will transfer ownership of the company to the creditors, according to the paper. [/DOWN]