Chemical maker DuPont has started the auction of its car paint business, which could bring in more than $4 billion and has drawn early interest from a number of private equity firms, according to sources familiar with the matter.DuPont's adviser on the deal, Credit Suisse Group, has sent out financial materials related to the unit to potentially interested parties, the sources said.Reuters and other news organizations reported in October that DuPont was considering the sale of the unit, and several takeover firms have been preparing for the auction since late last year. The unit could also attract interest from other chemical companies.Private equity firms find the unit especially attractive as they believe costs can easily be cut to make it more profitable, the sources said.
Credit Suisse Group AG (Credit Suisse) is a global financial services company. Shares of CS fell by 3.69% or $-0.99/share to $25.82. In the past year, the shares have traded as low as $21.18 and as high as $47.63. On average, 2417820 shares of CS exchange hands on a given day and today's volume is recorded at 3426079.
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