U.S.-based private equity firm Advent has offered 3 billion euros ($3.4 billion) for German chemicals group Evonik’s methacrylates plastics business.
The takeover bid also included U.S.-based investment firm SK Capital and a consortium of Triton and Rhone Capital, as well as petrochemicals company Ineos.
With the divestment, Evonik is seeking to focus on faster-growing sectors, such as feed additives and rubber silica for tires.
In November, Evonik agreed to buy U.S.-based oil company PeroxyChem for $625 million to bolster its peroxide bleaching agents business and shore up revenue growth.