Russian may upset RIL's Lyondell plans

Mukesh Ambani's plans to gain control of the bankrupt petrochemical major LyondellBasell may come undone if rival billionaire Len Blavatnik has his way. According to him, Reliance Industries’ (RIL) bid fails to factor in the potential turnaround gains of the bankrupt petrochemicals-maker, signalling that RIL may have to revisit its offer, if it has to realise its dream of becoming one of the world’s biggest petrochem players. 
Secured creditors like Apollo will be making a loss if the deal were to happen at that price. This is why there is resistance from the present management and stakeholders. So any reasonable bid will have to go beyond the present value of the company. The current management is making every effort to retain control of the petrochemical giant and a “compelling” bid by any financially-sound rival bidder may only make its job tougher. 
The restructuring plan submitted by the current management, including Mr Blavatnik’s Access Industries, has proposed a $2.8-billion rights offer to infuse funds into the cash-strapped company. Led by Mr Blavatnik, Access bought Basell Polyolefins from Shell and BASF four years ago, and in 2007, Basell acquired Lyondell, then valuing it around $19 billion.