The Dutch Governments Nodal Investment Agency says that they will support RILs bid for LyondellBasell if the deal goes through. The Netherlands, which is supporting Mukesh Ambanis $12 billion plus bid for the Rotterdam based pet-chem giant, is the parent country of LyondellBasell.
Bass Pulles, Commissioner of the Dutch Foreign Investment Agency, which facilitates investments in an exclusive interview with ET Nows Sumit Chaturvedi, in Hague, Netherlands said the government will support RILs bid for LyondellBasell. Since RIL is a foreign company, and so is LyondellBasell, we do offer assistance in the process which surrounds the take over, for instance speeding up immigration procedures or giving a warm shoulder from the ministry, he said.
Reliance Industries Limited submitted an all-cash non-binding bid to buy a controlling stake in LyondellBasell in 21st of November, 2009. The bid came after LyondellBasell, the third largest petrochemical company in the world, filed for bankruptcy in January, 2009. The deal, if consummated, would facilitate growth of Reliances core business. As LyondellBasell has large petrochemical capacities coupled with a good tech portfolio as well as joint ventures in the Middle East, it would help Reliance Industries grow and reach the Western markets.
In December, 2009 Reliance Industries stated that it had no intentions of buying any of the debt from LyondellBasell. The month of January, 2010 witnessed Mukesh Ambani-led Reliance Industries stepping up its offer for the acquisition by offering $13.5 billion instead of the earlier $12 billion.
The Netherlands government support comes as a shot in the arm for Mr. Mukesh Ambani as he prepares to bid for the Rotterdam based LyondellBasell. When asked why the vote of confidence, Pulles said, They might consider to reinvest again, they might send out positive message to other companies back home or they might inform us on any other strategic developments in their industry.
The Netherlands is home to global brands like Philips, ING Bank and wants to attract more talent and capital from India. They already have big investments from over 120 odd companies in India such as Infosys and TCS. If Mukesh Ambani does tide over the resistance from some lenders of LyondellBasell, he can be rest assured about support from Dutch Authorities.
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