
Permira and Goldman Sachs reject Lubrizol offer
Permira and Goldman Sachs Capital Partners have rejected Lubrizol's offer for chemicals group Cognis.
The private-equity owners are looking to exit Cognis but rejected the offer despite it being higher than that of preferred bidder BASF. US-based Lubrizol, which produces specialty plastics and engine-oil additives, made an offer of €3.2bn, including any debt, for Cognis.
Permira and Goldman Sachs have given preferred status to BASF, despite a lower bidding price of €3.1bn. Reports suggest Lubrizol has not been granted the same level of detailed information as BASF, nor been given a chance to carry out a due diligence assessment.
BASF is likely to strike a deal early next week, with Permira and Goldman Sachs looking to pass on all risks associated with Cognis to the new owner.
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