07 September 2001 16:32 [Source: ICIS news]
LONDON (CNI)--Sources close to Henkel confirmed on Friday that the German specialty chemicals and consumer products group is talking to London-based Schroder Ventures and investment bank Goldman Sachs about the sale of its speciality chemicals subsidiary Cognis.
Schroder is believed to have bid Euro2.5bn ($2.23bn) for the business, while some analysts think the price could go as high as Euro3.5bn. The deal should be completed by the end of 2001.
Henkel declined to comment on the interest being shown by Schroder and Goldman Sachs or say whether it is also talking to other companies.
Dusseldorf-based Henkel wants to sell Cognis because it has decided to concentrate on its four key areas: detergents, cosmetics, adhesives and surface technologies.
(Dede Williams in Frankfurt, Germany contributed to this article.)
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