(Bloomberg) -- Sika AG has launched the sale of a global package of assets to address regulatory concerns over its acquisition of MBCC Group, according to people familiar with the matter.

The Swiss construction chemicals company has sent initial marketing documents to potential buyers and expects first-round bids in October, the people said, asking not to be identified discussing confidential information. Private equity bidders as well as some rival strategic bidders are set to look at the assets, the people said.

Potential suitors include buyout firms CVC Capital Partners, which could team up with a company like Mexico’s Cemex, as well as Cinven, the people said. Holcim AG, the world’s biggest cement maker, could also take a look, they said. Parts of the business had already attracted interest from Holcim, Heidelberg Materials of Germany and Turkish conglomerate Haci Omer Sabanci Holding.

Sika Capitalizing on Admixture Assets Won’t Be Difficult: React

A spokesman for Sika didn’t reply to emails and calls for comment. Holcim and Cemex couldn’t be immediately reached for comment. Cinven and CVC declined to comment. The company is trying to sell a business that makes admixtures, which are substances added to concrete that give it various properties.

Sika has recut and relaunched the sale of the admixtures business in North America, Europe and Australia after an attempt to sell piecemeal received antitrust pushback. The company is trying to get approval for its largest-ever deal, the 5.5 billion Swiss-franc ($5.6 billion) takeover of German rival MBCC Group, formerly BASF SE’s construction chemicals business, agreed in 2021. 

The UK’s merger watchdog in August announced an in-depth investigation of the deal over concerns it may weaken national competition in the supply of chemical admixtures.

Sika, which makes sealants, mortars and other building adhesives, has been stepping up its pace of dealmaking as Chief Executive Officer Thomas Hasler seeks to tap demand for new materials supporting sustainability and the shift to electric vehicles.

(Updates with potential suitors in third paragraph and BI note)

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