French oil and gas producer Total has begun preparations for the sale of its chemicals and equipment division, according to reports.
The company said Atotech is valued at around €3billion.
It comes after chief executive Patrick Pouyanne said the division no longer fell in with the firm’s direction.
The chemicals sector has seen a huge surge of mergers and acquisitions within the last year.
It is understood Total is expected to ask Barclays to lead the divestment.
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