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CVC in exclusive talks to acquire Finland's Paroc - sources

Reuters - UK Focus

By Sven Nordenstam and Freya Berry

STOCKHOLM/LONDON, Oct 15 (Reuters) - European private equity firm CVC (Taiwan OTC: 4744.TWO - news) is in exclusive talks to acquire Finnish insulation material maker Paroc, two sources familiar with the matter said on Wednesday.

Reuters reported in August that CVC had submitted first-round bids for the asset along with TPG, Nordic (SES: E2:MR7.SI - news) Capital (Other OTC: CGHC - news) , BC Partners and Cinven, with bids valuing the company between 700 and 750 million euros ($950 million).

Lazard has been running the sale for Paroc, which is owned by a consortium of banks and institutional investors, after being taken over by its lenders from Bahrain-based investment firm Arcapita in 2009.

CVC declined to comment. Lazard and Paroc were not immediately available to comment. (Reporting by Freya Berry, editing by Louise Heavens)