Henkel, the family-controlled German household products group, has launched an auction for its Cognis speciality chemicals business, the Financial Times reports.
Analysts believe the business could fetch E3bn-E3.5bn ($2.8bn-$3.3bn). Henkel claim the move is part of a move to focus more on its brands, which include Persil washing powder in Germany and Schwarzkopf hair products.
Potential buyers for Cognis have been sent sales memoranda in recent days by the investment bank handling the auction, Merrill Lynch. First round bids are due in towards the end of this month.
