Belgian chemicals producer Solvay is the preferred bidder to acquire South Korea’s leading ceramides provider Solus Biotech, according to local media reports.
The Korea Economic Daily cited sources saying the deal is expected to be valued at around 350 billion won ($275m) for a 100% stake.
If successful, Solvay would beat off other bidders including Evonik, Croda International and US food processing firm ADM.
BASF was also said to be interested in acquiring Solus Biotech, which dominates the Korean ceramide market and supplies ingredients to personal care giant L'Oreal.
Solus Biotech biomaterial was split off from Korean copper foil maker Solus Advanced Materials in 2021.
The Seoul firm is forecast to post 2022 revenue of 50 billion won and 10 billion won in earnings before interest, taxes, depreciation and amortization.