Sinopec, TPG Not Bidding for LyondellBasell
China Petroleum and Chemical and private-equity firm TPG aren't considering a bid to buy bankrupt chemical company LyondellBasell, a report says.
BEIJING (
) --
China Petroleum and Chemical
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and U.S. private-equity firm TPG aren't considering a bid to buy bankrupt chemical company
LyondellBasell
, a report says.
"That's completely incorrect," a source told
Reuters
, commenting on a report from
Bloomberg
that China Petroleum, or Sinopec, and TPG were mulling a bid for LyondellBasell.
Bloomberg
reports that a bid from Sinopec and TPG would challenge a $12 billion offer for LyondellBasell from India's
Reliance Industries
. Sinopec and TPG reviewed LyondellBasell's finances and discussed making a joint bid,
Bloomberg
reports.
Rotterdam-based LyondellBasell, the world's third-largest independent chemical company, filed for bankruptcy in April.
