Reliance shares rise over Lyondell bid

Shares in Reliance Industries rose 3.37 per cent in Mumbai on Monday, as investors welcomed news that the Indian conglomerate made a cash offer for a controlling stake in LyondellBasell, the bankrupt Dutch-based US petrochemical giant.

“We believe that the key rationale for RIL’s bid is the attractive pricing of global assets, the global footprint and distribution network of LyondellBasell,” said Deepak Pareek, who tracks the group. Another analyst said: “The deal is a “compelling one-off opportunity.”