Akzo Nobel Coatings Ltd
* Akzo, BASF decrease to provide further details
FRANKFURT Feb 11 Dutch chemical substances team AkzoNobel, the world's largest paint and coatings makers, is in talks with competing BASF over a price to purchase the German chemical team's commercial coatings business.
A few men and women acquainted with the problem had told Reuters in November that BASF had been likely to sell business - making coatings for metal and aluminium rings that are processed into facades, fridges and window treatments - in an offer worth as much as about 500 million euros ($566 million).
HSBC was advising BASF in the act, the resources stated during the time.
In a declaration on Thursday, AkzoNobel said that talks with BASF were section of its search for "value-generating bolt-on purchases".
Akzo and BASF declined to give additional details.
BASF, the global substance industry frontrunner by sales, states it was willing to look for brand new proprietors for companies that attended under too-much pressure from low-cost competitors. Its presently splitting off its pigments business ahead of a potential purchase.
Unlike BASF's much bigger automotive coatings company, the professional coatings operation is observed as lacking the scale to compete effrectively in the future, skillfully developed have said.
Business is a component of BASF's 3 billion euro coatings division, which derives 77 per cent of its sales from automotive consumers. ($1 = 0.8837 euros) (Reporting by Ludwig Burger; Editing by David Goodman)