Sinochem, private equity groups in second round of bidding for Atotech - sources
FRANKFURT (Reuters) - France's oil giant Total (TOTF.PA) 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 [CINV.UL] and BC Partners [BCPRT.UL] 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.
(Reporting by Arno Schuetze; Additional reporting by Tris Pan and Benjamin Mallet; Editing by Georgina Prodhan)