Blackstone and Apollo are among a clutch of private equity firms weighing bids for Syensqo's performance and care division, a business that could fetch €3bn, according to Bloomberg sources.

The division sells specialty chemical products to consumer care, agriculture, coatings, and mining customers, and generated earnings of €358m in 2025, according to Syensqo. The Belgian group has been exploring options for the unit since May, when chief executive Mike Radossich launched a strategic review aimed at tilting the company towards industries with stronger long-term growth, including aerospace, defence, and energy.

Proceeds from a sale could fund acquisitions, reduce debt, or be returned to shareholders. The unit would not be the first to go. Syensqo completed the sale of its oil and gas business to SNF Group in January, and Radossich said in July that the company was in active discussions to divest its aroma performance division, which it bills as the world's largest integrated producer of synthetic and natural vanillin.

Shares in Syensqo rose as much as 3.7% in early trading following the report.