The sale of Ruetgers is back under way after the German chemicals firm found renewed interest from trade buyers, stalling a dividend recap plan from private equity owner Triton.
According to Reuters, Triton was close to issuing a junk bond to take money out of the investment before selling up.
Pamplona Capital Management was in advanced talks to buy Ruetgers for some €600m, but the private equity firm is now thought to have decided against the deal.
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.
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