UPDATE: Large PE Firms Join Forces in Bid for DuPont's (DD) Auto Paints Business

March 23, 2012 7:38 AM EDT
(Updated - March 23, 2012 7:43 AM EDT)

According to the NY Post Friday, firms like Apollo Global Management and KKR (NYSE: KRR) are teaming up with Carlyle and Onex, respectively, in bid efforts for DuPont's (NYSE: DD) auto paints business. Other pairs include: "Bain and Blackstone, and Clayton, Dubilier & Rice and CVC Capital Partners. Advent Capital, Goldman Sachs Capital Partners and TPG Capital."

DuPont's auto paints business is said to be valued at $4 billion.

Meetings between DuPont Coating's management and the firms are slated to begin next week. Surely the fruit baskets and favors are already being done (*wink*).

Sources indicated DuPont might get less than $4 billion for the unit because of lower volumes in paint shipments to auto body shops.

The Post said this might be first time large PE firms have partnered since coming under scrutiny in 2008 upon the financial meltdown and subsequent fallout.

Ahead of the bell, DuPont has a bid/ask of $50.51 and $53.94 after closing at $52.22 Thursday.

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