Carlyle Group LP has hired Credit Suisse Group AG to explore a sale of specialty chemical company PQ Corp, which it is hoping to sell for as much as $3 billion, according to three people familiar with the matter. Should Carlyle opt for an initial public offering, instead of an outright sale of PQ, Credit Suisse will lead the offering along with Bank of America Merrill Lynch and JPMorgan Chase & Co, the people added.A dual-track process to explore both possibilities is expected to start in the first quarter of 2014, the people said, asking not to be named because the matter is not public.A PQ spokesman did not respond to a request for comment while representatives for Carlyle and the investment banks declined to comment.Acquired by Carlyle for $1.5 billion in 2007, PQ is a major producer of inorganic specialty chemicals for industrial and consumer markets, including sodium silicate, catalysts, reflective glass spheres and engineered glass materials.
Bank of America Corporation (Bank of America) is a bank holding company, and a financial holding company. Shares of BAC traded higher by 3.36% or $0.51/share to $15.69. In the past year, the shares have traded as low as $10.98 and as high as $15.98. On average, 94452000 shares of BAC exchange hands on a given day and today's volume is recorded at 152730832.
Shares of CG traded higher by 2.06% or $0.71/share to $35.24. In the past year, the shares have traded as low as $23.85 and as high as $37.89. On average, 498494 shares of CG exchange hands on a given day and today's volume is recorded at 507570.
Credit Suisse Group AG (Credit Suisse) is a global financial services company. Shares of CS traded higher by 1.16% or $0.34/share to $29.63. In the past year, the shares have traded as low as $23.55 and as high as $33.98. On average, 1047150 shares of CS exchange hands on a given day and today's volume is recorded at 715323.
JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. Shares of JPM traded higher by 2.73% or $1.52/share to $57.24. In the past year, the shares have traded as low as $42.90 and as high as $58.14. On average, 20326700 shares of JPM exchange hands on a given day and today's volume is recorded at 27686258.
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