NEW YORK, April 13 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
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.