London's Financial Times reported today that four bidders have submitted "final offers" for GE Plastics, valuing the Pittsfield, Mass.-based engineering thermoplastic supplier at up to $12 billion. According to the report, the bidders are Saudi Basic Industries Corp., Koch Industries (possibly working with private equity firm Blackstone), private equity firm Apollo, and polypropylene maker Basell.
A decision on the sale, part of GE's strategy of divesting commodity businesses to focus on higher-growth industries is due in the next two weeks. GE declined to comment.The potential buyers are the same ones that have been mentioned for several months (although India's Reliance seems to have dropped out, or perhaps was never a serious candidate). If the $12 billion figure is accurate, then it looks like this sale will exceed General Electric's expectations.