January 8, 2019 / 4:18 PM / in 7 days

BASF plans to shed assets to salvage Solvay deal -sources

FRANKFURT, Jan 8 (Reuters) - BASF is looking to shed a sizeable portfolio of assets to salvage a deal it struck in 2017 with Solvay over the acquisition of the Belgian chemicals group’s polyamide business, people close to the matter said.

The company is working with investment bank Lazard to find a buyer for the plastics assets, which could reap a valuation of about 450 million euros ($515 million), including debt, they said.

Information packages on the assets were sent out just before Christmas, and first-round bids are expected by the end of the month, they added.

BASF and Lazard declined to comment, while Solvay was not immediately available for comment. (Reporting by Tom Sims)

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