• Most Popular
  • Most Shared

TPG, Sinopec never considered LyondellBasell bid -source

Tue Nov 24, 2009 11:27pm EST

Stocks

   

HONG KONG, Nov 25 (Reuters) - Asia's top oil refiner China Petroleum and Chemical Corp and U.S. private equity firm TPG [TPG.UL] have not considered a bid to buy bankrupt chemical company LyondellBasell Industries [ACCEIN.UL], said a source close to the situation on Wednesday.

Stocks  |  Mergers & Acquisitions  |  Private Capital

"That's completely incorrect," said the source, commenting on a Bloomberg report that the oil refiner and the U.S. private equity firm had weighed a bid for LyondellBasell. [ID:nSYD521997]

A spokesman for Sinopec (0386.HK), the publicly listed unit of China Petroleum, denied that his company had ever considered such a bid.

It was not immediately clear whether the Bloomberg report referred to publicly listed Sinopec or its state-owned parent. (Reporting by Alison Lui and George Chen; Editing by Chris Lewis) ((donald.durfee@thomsonreuters.com; +852 2843-1649; Reuters Messaging: donald.durfee.reuters.com@reuters.net)) ((If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com))

Stocks
Mergers & Acquisitions
Private Capital


More from Reuters

Photo

Honda expands airbag recall as more Toyotas probed

TOKYO/DETROIT (Reuters) - Honda Motor Co said it would recall another 440,000 cars around the world for faulty airbags as rival Toyota Motor Corp faced further probes over its largest-ever safety crisis. | Video

» More Top News
Chairman of the Federal Reserve Ben Bernanke testifies before the Senate Banking, Housing and Urban Affairs Committee on Capitol Hill in Washington July 22, 2009. REUTERS/Kevin Lamarque
John Kemp:

The Fed needs a new storyline

It's irrelevant whether the Fed sells its assets back to the market. What matters is whether and when it's prepared to raise rates.  Commentary 

Economy
A worker drives a Toyota Motor Corp's newly assembled Prius hybrid vehicle onto a trailer near the company's plant in Toyota, central Japan February 9, 2010.REUTERS/Yuriko Nakao
Reuters Breakingviews:

Toyota's troubles in overdrive

The cost of Toyota's recall nightmare is nothing compared to the price of fixing its battered reputation.  Commentary 

Autos