FRANKFURT/LONDON/NEW YORK, March 16 (Reuters) - Germany’s Lanxess has dropped out of a consortium that includes U.S. private equity firm Apollo in the bidding war for Dulux paint maker Akzo Nobel’s specialty chemicals business, two people close to the matter said.
Apollo remains in the running with its other consortium partner, Dutch fund PGGM. Other bidders are also still in the running, including private equity firm Carlyle, Dutch investor Hal Investments, and a team-up of Advent and Bain, the sources said.
Akzo, Lanxess, Apollo, PGGM, Carlyle, Advent, Bain and Hal Investments declined to comment. ($1 = 0.8118 euros) (Additional reporting by Toby Sterling and Ludwig Burger Editing by Maria Sheahan)