Germany's Lanxess has withdrawn from a consortium with US private equity firm Apollo and Dutch fund PGGM, that was bidding for Akzo Nobel's specialty chemical business, according to unnamed sources. The business is estimated to be worth €9bn ($11.1bn) and accounts for 1/3 of Akzo's sales and earnings. ($1 = 0.8118 German chemicals giant Bayer said it had decided not to participate in the consortium, which included US-based DuPont and French rival BASF. Other bidders are said to include private equity firm Carlyle Group, Netherlands' Hal Investments and Advent International, which has teamed up with Bain Capital Private Equity.
Germany's Lanxess has withdrawn from a consortium with US private equity firm Apollo and Dutch fund PGGM, that was bidding for Akzo Nobel's specialty chemical business, according to unnamed sources. The business is estimated to be worth €9bn ($11.1bn) and accounts for 1/3 of Akzo's sales and earnings. German chemicals giant Bayer said it had decided not to participate in the consortium, which included US-based DuPont and French rival BASF. Other bidders are said to include private equity firm Carlyle Group, Netherlands' Hal Investments and Advent International, which has teamed up with Bain Capital Private Equity.