French oil and gas producer Total has started preparations for the sale of its specialty chemicals and equipment division Atotech, which may be valued at about 3 billion euros ($3.4 billion), people familiar with the matter said.
The group is expected to ask Barclays to lead the divestment, the people said, adding that a final mandate has not yet been assigned but was imminent.
The sell side advisor will then help prepare sales documents an auction will likely start after the summer break, they added.
Total and Barclays declined to comment.
($1 = 0.8967 euros)
By Arno Schuetze
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