BASF set to make bid for Cognis

The world’s largest chemical producer, BASF, is looking to buy Cognis. The bid, which could come as early as next week, would value the German maker of additives for cosmetics and detergents at about €3bn (£2.6bn). The owners of Cognis, Permira and Goldman Sachs Capital Partners turned down takeover offers for Cognis in 2006 as they were deemed too low. Cognis had about €2bn of debt at the end of 2009.