Total preparing to sell Atotech

French oil and gas giant Total began preparing to sell it specialty chemicals division Atotech this week, it was reported on Friday, with reports that the subsidiary could be worth around €3bn.

The Euronext and NYSE-traded firm did announce plans to sell non-core assets in February, citing a ballpark value of $4bn at the time.

In May, chief executive Patrick Pouyanne was quoted as saying Atotech was no longer within Total’s wider strategic vision.

Reuters reported on Friday that its sources are expecting Barclays to lead the divestment, with a final mandate “imminent”.

Neither Total nor Barclays were willing to comment.

Atotech is expected to generate EBITDA of €250m in the current year, with reports that the firm could be valued at 12-13 times that amount.

The sale would be the latest in a specialty chemicals bonanza, with the Dow-DuPont-ChemChina consortium takeover of Syngenta being the largest recent transaction.