Pamplona Capital Management is in advanced talks to buy out chemical raw materials company Ruetgers from rival firm Triton for some €600m, according to Reuters.

Fresh talks between the two firms come after Triton was allegedly seeking a buyer in Asia, where the coal tar industry is outstripping other markets. However, Triton was unable to come to a deal with either Indian chemicals company Himadri nor an unnamed Asian firm.

Triton bought Ruetgers from chemical specialist group Evonik Industries in 2008 for an undisclosed figure. Evonik, which was formerly subsidised by the German government, is now partially owned by CVC, which bought just over 25 per cent of the company for €2.4bn in the same year.

These recent talks come as part of a host of other private equity deals taking place in Germany as firms resort to secondaries due to difficulties in finding industrial buyers.

These deals include EQT's acquisition of German bandage BSN Medical from Montagu in June, British firm Charterhouse's July purchase of industrial tools producer Bartec from Capvis, and BC Partners' agreement to buy drugs company Aenova this month from Bridgepoint. 

This new attempt by Triton to sell Ruetgers to UK-based Pamplona has yet to reach a conclusion, as both firms continue to disagree over the company's value. Triton is determined to sell the company for €700m, having earlier in the year hired Goldman Sachs to oversee the sale, while Pamplona is pushing for a better deal.