BASF Advances Coatings Division Sales Talks

BASF SE has asked shortlisted bidders to submit second-round offers next month for its coatings division, which could be worth €6 billion (US$7 billion) or more, according to Bloomberg, citing people familiar with the matter.

Private equity firms Carlyle Group, KPS Capital Partners, Lone Star Funds, and Platinum Equity have advanced to the next phase, along with Akzo Nobel NV, which is the only industry player remaining. The sources noted that some bidders may still opt out, and BASF could ultimately decide to retain the unit. BASF is working with advisers from Bank of America and JPMorgan on the potential sale.