FRANKFURT - German chemicals group BASF (BASFn.DE) has asked the two remaining private-equity suitors of its 3 billion euro ($3.3 billion) construction chemicals unit for final bids by Friday, three people close to the matter said.
A consortium comprising buyout groups Cinven and Bain is expected to table an offer, as is rival investor Lone Star, which is bidding alone, the three people said on Thursday.
The sale has been long and drawn out as BASF put the construction chemicals business on the block a year ago to focus on more profitable operations.
The company declined to comment on Thursday. Cinven and Lone Star also would not comment, while Bain had no immediate comment.
BASF’s CEO Martin Brudermueller said last month he expects the signing of a deal before the end of the year.
“We received confirmatory bids and are now progressing with a smaller number of interested parties,” he said at the time.
Additional reporting by Joshua Franklin in New York; Writing by Ludwig Burger; Editing by Susan Fenton