Minova International up for auction

FORMER BP chemicals unit Minova International has been reportedly put up for auction for up to £300 million by its owner, Close Brothers Private Equity.
Minova International up for auction Minova International up for auction Minova International up for auction Minova International up for auction Minova International up for auction

Enex Resources chief executive Peter Coates

Staff Reporter

At least five firms, including Charterhouse Capital, Barclays Private Equity, Candover, Hg Capital and Duke Street Capital, plan to submit offers, which are due within the next two weeks, the Independent reported.

Minova, based in Oxfordshire and active in more than 20 countries, makes chemicals used in coal and metal mining.

The auction has drawn great interest, benefiting from the surge in commodity prices and a feverishly consolidating mining sector, the newspaper reported.

If Close Brothers reaches the £300 million mark for the sale, it will prove a stellar investment considering the firm bought Minova, formerly called Fosroc Mining when it was part of BP, for £32 million in 2003.

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