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Thursday, February 3, 2011

Reliance hires advisors to explore Atlas options, (RELI), (NYSE: CVX), (NASDAQ: ATLS)

India's Reliance Industries Ltd (RELI.BO) might challenge Chevron Corp's (CVX.N) bid for Atlas Energy Inc (ATLS.O), according to a letter disclosed by the U.S. natural gas producer in a filing with U.S. regulators. "We believe Reliance, as Atlas Energy's joint venture partner and a company with substantial financial resources, would have been the most natural and obvious potential transaction partner for Atlas Energy," the Reliance letter said. The Indian energy major, controlled by Mukesh Ambani, the world's fourth-richest man with a $29 billion fortune according to Forbes magazine, said it had hired Perella Weinberg Partners and Kirkland & Ellis to evaluate its options.