France’s oil giant Total has invited chemicals Sinochem and a few private equity firms to prepare final offers for German surface finishing and metal plating company Atotech, people close to the matter said.
Buyout groups including Cinven and BC Partners have also made it to the second round of bidding for the asset, which is expected to fetch more than 3 billion euros ($3.3 billion), the sources added.
Total, Cinven and BC Partners declined to comment, while Sinochem was not immediately available to comment.
Berlin-based Atotech produces speciality chemicals and equipment for printed circuit boards and semiconductors.
The industrial specialty chemicals sector has seen a number of mergers and acquisitions recently as buyers pay rich premiums for high margin business to offset sluggish growth in their established markets.