FRANKFURT (Reuters) – Building materials maker Standard Industries and several private equity groups are vying for BASF’s <BASFn.DE> construction chemicals business, which the German chemicals group has put on the block to focus on more profitable operations, people close to the matter said.
Bain, Cinven, Advent and KKR <KKR.N> and U.S.-based Standard Industries, which is working in a consortium with Blackstone <BX.N>, are among those who have been chosen to participate in the second round of bidding, they added.
BASF flagged its intention to auction off or merge the world’s largest maker of chemical additives for concrete, which is expected to fetch roughly 3 billion euros (3 billion pounds), in October.
BASF declined to comment. The bidders also declined to comment or had no immediate comment.
(Reporting by Arno Schuetze; Editing by Paul Carrel)