Saudi Basic , the largest public company in the Middle East, is lining up a bid for General Electric’s plastics division in a deal that could be valued at up to $12bn (€9bn).

Sabic has appointed Citigroup to prepare an indicative offer ahead of the first round of the auction in mid-April. The move underlines the appetite of Gulf state investment funds for investments outside home markets.

GE expects a mix of trade and private equity bids for the division. Among those bidding are Blackstone Group, Apollo, Kohlberg Kravis Roberts, Carlyle Group and Bain Capital.

Posted: 03|26|07 at 8:49 am. Filed under: UK News.