According to Reuters, a DealReporter financial news report cited two anonymous sources and noted that due diligence by potential buyers had not yet commenced.

Neither outlet indicated suitor names, financial terms nor timelines. The investment arm of ICG owner Wilbur Ross, WL Ross and Company, sold about half of its holdings late last year.

An ICG spokesperson told ILN the company did not comment on rumored or speculative transactions.

The news comes amid a flurry of M&A speculation and the recent announcement that Alpha Natural Resources would buy Massey Energy in a deal valued at $US8.5 billion.

The rumor mill became louder with the December departure of Massey chairman and chief executive Don Blankenship.