Lyondell Chemical said to turn down $14.5B offer

Lyondell Chemical Co. turned down a $14.5 billion offer from India's Reliance Industries Inc., sources told Bloomberg News.

Company spokesman David Harpole declined to comment

Reliance, which had earlier bid $13.5 billion, has no plans to raise its offer for the Houston-based company, a unit of LyondellBasell Industries AF SCA in Rotterdam.

The parent company had filed for bankruptcy protection in Manhattan in April. In related news, the United States government and Lyondell are close to an agreement to settle some claims with the U.S. Environmental Protection Agency. The amount to settle the claim, $250 million, is not at issue, Harpole said. The government and the company are still negotiating over how the funds will be allocated, he said.

Lyondell operates its polymer business in Newtown Square along with some research operations. The polymer business was moved to Newtown Square from Wilmington after the company closed its Wilmington facilities last year. About 300 Lyondell employees and contractors work in Newtown Square.    - Jane M. Von Bergen