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’Snap news
Breaking pre-market news on Tuesday,
- Mike Ashley’s Sports Direct is considering bid for Blacks Leisure – statement and statement.
- AIB reports FY operating loss of €2.4bn – statement.
- Lyondell said to reject $14.5bn Reliance bid – Bloomberg.
An oil-price cracker too late for some
A bit of momentum has returned to both crude and products. Of particular interest is the strength in naphtha prices — which had suffered the greatest fall in the big commodities sell-off of Q4 2008. The gasoline/naphtha (regrade) spread has narrowed to +30/mt versus a high of +120/mt last year.
Basell offers $12.7bn for Lyondell
Basell, the Dutch chemicals group, on Tuesday offered $12.7bn in cash to buy larger rival Lyondell and cement its ambition to become a global leader in a business being transformed by consolidation and new entrants.
Deal-making on the rebound – Basell goes for Lyondell
This, by any measure, is a quick recovery. Last week, Basell, the Dutch chemicals company, lost out in its courtship of Huntsman, as the US company instead gave into the advances of Apollo Management, which had offered $10.6bn in cash for the business.