Carlyle, Bain Capital still in running for $6.8bn Hitachi Chemical – report

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Private equity majors Bain Capital and Caryle are among the remaining bidders for the $6.8bn-valued chemical unit of Japan’s Hitachi, according to reports.

Bain has teamed up with Japanese buyout house Japan Industrial Partners for its bid for Hitachi Chemical according to Reuters, which cited unnamed people it said had knowledge of the matter.

Carlyle has also been shortlisted by Hitachi, as has trade buyer Nitto Denko Corp.

A Reuters storyfrom May this year private equity giant KKR was also a potential bidder for the business, but it is not mentioned in the most recent report.

It said the firms have been asked to submit offers in the second round of bidding by next month, citing two of the four sources.

Hitachi Chemical, which makes materials for semiconductors, displays and batteries, is currently valued at JPY733bn ($6.8bn).

It has seen its price per share more than double since the start of the year, from JPY1,575 at the beginning of January to about JPY 3,500.

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