China Petroleum & Chemical Corp., the nation's biggest oil refiner, and U.S. buyout firm TPG have weighed a bid for bankrupt chemicals company LyondellBasell Industries that could rival Reliance Industries offer of about $12 billion, Bloomberg reported.
Citing two people familiar with the matter, the report said Sinopec and TPG reviewed LyondellBasell's finances and discussed making a joint bid.
It was unclear whether one or both of the parties would proceed with an offer, and the sale process remained fluid, the people were quoted as saying.
Indian energy company Reliance made a cash offer for Lyondell reportedly worth $10 billion to $12 billion over the weekend.
Since filing for bankruptcy protection last January, LyondellBasell has been trying to reorganise its operations and also assuage unsecured creditors, who are suing the banks and other creditors who put together the company's 2007 leveraged buyout in a trial slated to start next month.
LyondellBasell has said it would consider the Reliance offer as a "potential alternative" to maximize investor return.
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