Five PE groups formed for DuPont car paint unit-sources
NEW YORK, April 13
NEW YORK, April 13 (Reuters) - Five private equity consortia have formed to bid for chemical maker DuPont's car paint business that could be valued at as much as $4 billion, three people familiar with the matter said on Friday.
The Carlyle Group and Apollo Global Management LP have paired up, while TPG Capital LP has teamed up with Advent International and KKR & Co LP with Onex Corp , the sources said.
Sources previously said that Blackstone Group had teamed up with Bain Capital, and Clayton Dubilier & Rice had paired up with CVC Capital.
DuPont's financial adviser, Credit Suisse Group, has asked these five private equity groups to resubmit bids on May 7, after the initial bids collected in early March fell short of the company's price expectations, two of the sources said.
All the sources were not authorized to speak with the media and asked not to be named. Representatives for the private equity firms and DuPont did not have immediate comment, and Credit Suisse declined to comment.
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