Umicore SAOTCPK - Current
Mon, Jul. 25, 11:31 AM
- Total's (TOT -2.5%) stake in German surface finishing and metal plating company Atotech is expected to receive bids of more than €3B ($3.3B) from chemicals firms Umicore (OTCPK:UMICF) and Sinochem by tomorrow's deadline, Reuters reports.
- Arkema (OTC:ARKAF), a former TOT subsidiary, and BASF (OTCQX:BASFY) have looked at Atotech but are seen as unlikely partners, while P-E firms such as CVC, Cinven, BC Partners, Advent, Bain and Carlyle are expected to submit bids, according to the report.
- Atotech, which generates ~$1B in annual sales, is TOT's sole remaining specialty chemicals unit after the sale of Bostik to Arkema in 2014.