BASF-Cognis rumours continue to circulate
German chemical giant BASF is allegedly lining up a bid for Cognis, according to reports.
According to Reuters, which quotes two unnamed sources close to the negotiations, Cognis’ co-owners Permira PERM.UL and Goldman Sachs Capital Partners are looking for at least 3.5 billion euros ($4.68 billion) for Cognis, including the company’s 2 billion Euros of debt.
No comment was received from BASF, Permira and Goldman Sachs, and Reuters’ unnamed sources said that other potential buyers are interested.
Offers to buy the food ingredients and care chemicals company in 2006 were turned down as they were deemed to be too low at that time.
The current owners bought Cognis in 2001 for €2.5 billion, but possible price tags now being bandied about are as low as €1.6bn.
