BASF launches sale process for construction chemical business
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BASF confirms that it has launched a sale process for its construction chemicals business and started reaching out to potential buyers. "As planned, we started to contact selected interested parties," BASF told CW in a statement emailed on Monday. The company declines to comment "on any further details of the process or content due to confidentiality," the statement says. Analysts estimate the sale could be worth €2.7-3.0 billion ($3.0-3.4 billion). BASF announced in October 2018 that it was evaluating options for its €2.4-billion/year construction chemicals unit. The company hired Goldman Sachs in February as financial advisor. BASF said at that time that it was still considering all options for the construction chemicals business, including a sale or a merger. Analysts have named GCP Applied Technologies, Henkel, LafargeHolcim, Mapei, RPM Construction, Saint-Gobain, and Standard Industries, as well as private equity firms Bain Capital, The Carlyle Group, Cinven, and KKR as potential buyers of the business.
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