London's Financial Times is reporting that Saudi Basic Industries Corp. is getting ready to bid for GE Plastics, and that the bid will be up to $12 billion. That's a couple of billion higher than what analysts predicted when GE Plastics first went on the block.

According to the report, Sabic is working with Citigroup "to prepare an indicative offer ahead of the first round of the auction in mid-April."

The story also mentions many of the "usual suspects" said to be interested: Blackstone and Koch Industries; Apollo; KKR; Carlyle Group; and Bain Capital. In addition to Koch and Sabic, the other potential strategic buyers are Reliance Industries and Basell, according to the report.