(Reuters) -German chemicals maker BASF SE has in recent weeks sent out information to potential suitors for a sale of its coatings business at a valuation of about 6 billion euros ($6.81 billion),
BASF Begins Process to Sell Coatings Business Valued at $6.8 Billion
(Reuters) -German chemicals maker BASF SE has in recent weeks sent out information to potential suitors for a sale of its coatings business at a valuation of about 6 billion euros ($6.81 billion), Bloomberg News reported on Friday.
Carlyle Group and paint maker Sherwin-Williams are considering bidding together for BASF's coatings unit, the report said. The business has also attracted early interest from CVC Capital Partners and Lone Star Funds, Bloomberg added.
Private equity firms including Advent, Bain Capital, Blackstone and Platinum Equity are also separately planning to evaluate the business, the report further said.
BASF's finance chief earlier this month said that the German chemical maker would be sounding out the market for potential buyers' interest in its coatings division during the second quarter.
"We are approaching the market to explore strategic options for the remaining coatings activities," a BASF spokesperson told Bloomberg News.
Reuters couldn't immediately verify the report and BASF did not immediately respond to a request for comment.
In December 2023, BASF announced plans to turn its agriculture, battery materials and coatings businesses into autonomous units in a bid to boost earnings. Its catalytic converter business had previously been made more independent.
Carlyle Group, Sherwin-Williams, CVC Capital Partners, Lone Star Funds, Advent, Bain Capital, Blackstone and Platinum Equity did not immediately respond to Reuters requests for comment.
($1 = 0.8812 euros)
(Reporting by Devika Nair in Bengaluru; Editing by Alan Barona)
