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BASF in exclusive talks with Lone Star

3rd December 2019

Submitted by:

Andrew Warmington

BASF and private equity firm Lone Star are in exclusive negotiations for the sale of BASF’s construction chemicals business, according to news agency Bloomberg. The unit could be worth up to €3 billion, it is estimated. Neither company has commented.

The business is the world’s largest maker of chemical additives for concrete, plus mortars, cement additives, waterproofing materials and sealants under the Master Builders and Construction Systems brands. BASF acquired it from Degussa, predecessor to Evonik, in 2007 for €2.7 billion but put the business up for sale a year ago, seeking to focus on more profitable operations.

After talks with cement giant LafargeHolcim broke down, Cinven, which owns French competitor Chryso, and Bain Capital, which owns building materials distributor MKM, were both said to be in the running. Lone Star already owns German building materials maker Xella In October, management board chairman Martin Brudermueller said “We received confirmatory bids and are now progressing with a smaller number of interested parties”. A deal was expected, at that point, to be closed by the end of the year.

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