Reuters has an interesting story today about which potential buyers are still interested in GE Plastics. The meat of the story is entirely attributed to "sources familiar with the situation," so there's no way to tell if it's inside information or just Wall Street speculation. But it's very interesting nonetheless, especially for GE Plastics employees (and perhaps their competitors).
Private equity firms Bain Capital, Kohlberg Kravis Roberts & Co. [KKR.UL] and TPG [TPG.UL] are no longer involved in the process, these sources told Reuters, with Carlyle Group's status unclear. Blackstone Group [BG.UL] remains in the bidding, separate sources say. Apollo Management appears to have advanced to the second round as well, sources say. At least two corporate buyers -- Saudi Basic Industries Corp. (SABIC) (2010.SE: Quote, Profile, Research), the world's largest chemical firm by market value, and Basell (BASL.UL: Quote, Profile, Research), the Dutch petro-chemical maker -- are also expected to submit second-round offers for the division, according to some of the sources. It was unclear whether Koch Industries, the world's largest private company, which Reuters previously reported had partnered with Blackstone, was still in the running.GE shed very little light on the topic at its annual meeting yesterday. Chairman and CEO Jeff Immelt told reporters that the company expects to close a deal in the third quarter, which is what they've been saying for a while.