LafargeHolcim has joined a bidding war for BASF SE’s construction chemicals business, according to Bloomberg sources. BASF announced a strategic review of the construction chemicals division, which makes products including grouts, mortars and admixtures, in October 2018.
LafargeHolcim CEO Jan Jenisch announced in May that he was eyeing at least 10 bolt-on assets purchases for this year. A purchase of the BASF unit would mark a return to an area Jenisch knows well from his time at the helm of Sika AG.
The latest round of offers could value the division at more than 3 billion euros ($3.4 billion), the sources noted. They added that LafargeHolcim is competing with several buyout firms as well as global industrial company Standard Industries Inc., which has partnered with Blackstone Group.