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
Source: Reuters
The investment enables the steam cracker to increase the share of renewable and recycled raw materials used in its (ethylene and propylene) production. The move supports the Borealis Strategy 2030 for a circular economy. The Porvoo investment program is expected to be completed in 2025.
Murray Auchincloss, bp’s CEO, said in a statement: “As I set out in February, BP’s destination from IOC [international oil company] to IEC [integrated energy company] is unchanged – and we need to deliver as a simpler, more focused, and higher-value company.
Founded in 1972, Tecnofilm has expanded its product portfolio over the years to offer a wider range of compounds and functional polymers for various industrial applications and technical articles. The company has patented several of its products.
