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Private equity eyes $13 bln Bayer plastics business - sources

Reuters - UK Focus

(Changes dateline to Frankfurt)

By Arno Schuetze, Freya Berry and Pamela Barbaglia

FRANKFURT/LONDON, Oct 22 (Reuters) - Private equity firms are circling Bayer (Milan: BAY.MI - news) 's 10 billion-euro ($12.7 billion) plastics business, hoping to divert the German drugmaker's plan to list the division, two people familiar with the matter said on Wednesday.

Advent, Carlyle, Cinven, CVC (Taiwan OTC: 4744.TWO - news) and KKR are among those eyeing MaterialScience after Bayer said in September that it planned to spin off the division through a stock market listing, helping it focus on its more profitable life sciences business.

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Given the size of the asset, the funds are also in discussions to form consortia, potentially with investors including sovereign wealth funds (SWFs).

"All the SWFs and pension funds are being drafted in," one of the sources said.

Bayer, Advent, Carlyle and KKR declined to comment. CVC and Cinven were not immediately available to comment. ($1 = 0.7897 Euros) (Editing by Clare Hutchison)