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Several buyout firms are preparing to participate in the roughly US$4bn auction for the unit of chemical maker DuPont that makes automotive finishes and industrial coatings, according to reports from Reuters.
Major private equity firms including KKR & Co, Bain Capital, TPG Capital and Onex Corp are among those which have made preliminary enquiries about the sale and talked to banks about financing a potential deal, according to the people familiar with the matter.
Wilmington, Delaware-based DuPont, advised by Credit Suisse Group AG, plans to launch the process in January by sending out financial information of the unit to interested parties, sources said. Initial bids for the business, which has an estimated enterprise value of around US$4bn, are expected in February, it added.