BASF is exploring strategic options for its coatings overall. This will include exploring a straight sale and joint venture options.
A spokesperson said: "We are approaching the market to explore strategic options for the remaining coatings activities. This means that discussions will be held with interested parties, and we are open to the outcome. It is too early to indicate what direction this may take. The intention is to explore strategic options for the remaining Coatings activities in one package.
"There is high interest in the market – from strategic buyers, from private equity and from consortia."
The business is valued at 6 billion euros. Carlyle Group and paint maker Sherwin-Williams are considering bidding together for BASF's coatings unit, a recent Bloomberg report said. The business has also attracted early interest from CVC Capital Partners and Lone Star Funds.