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Dow: First round of bidding for spin-off

Dow Chemical (Midland, Michigan / USA; www.dow.com) is moving closer to the sale of its styrenics business, as announced in August 2009. Reports, which the US chemical group has declined to confirm, say bidders for the spin-off trading as Styron were asked to reconfirm their offers by 11 January.

A number of private equity companies are believed to be among the bidders. In addition to the "usual suspects,” Bain Capital, TPG Capital and Apollo Management, along with Rhone, the plastics spin-off is said to have drawn attention from Asian strategic buyers such as South Korea's Lotte Group (Seoul, www.lotte.co.kr).

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