By Liz White, UT staffLudwigshafen Germany-Chemicals group BASF AG confirmed 1 Feb that it has submitted a binding offer for the building chemicals business of Düsseldorf-based specialist company Degussa AG. No further details of the offer are available at present, a BASF spokesperson said. Ludwigshafen-based BASF expressed interest in this division of Degussa immediately the speciality chemicals group put it on the market in mid-December last year and wanted sole negotiation rights. The building chemicals business, which had turnover of around Euro 1800 million ($2120 million) in 2004, has nearly 7400 employees and claims to offer some 40 000 products worldwide.The business is split into admixtures-chemicals for concrete systems-and building systems, which covers materials for flooring, coatings & facades and expansion joints. One speciality is polyurethane-based systems for coating, sealing and waterproofing, as well as the firm's Conipur brand of multilayered complex polyurethane surfaces such as racing tracks.Press reports have put the likely price at about Euro 2500 million. Degussa's board is reported to have bids from four investment groups for the business. Essen-based RAG Group, which owns 50.1 per cent of Degussa, wants to buy all of Degussa's shares, and float it on the stock market, a move which needs finance-hence the sale of the building chemicals division. The picture shows Berlin's Olympic stadium, which has a Conipur polyurethane coating on its sports track, covered with a blue and white top coat-the colours of football league team Hertha BSC, based at the stadium. "