Frankfurt, July 07: German consumer goods group Henkel wants to buy the ICI US unit National Starch and Chemical Company for up to 2.6bn euros ($2.98bn), Focus magazine said on Sunday. The magazine said in a preview of an article to be published on Monday that Henkel wished to acquire National Starch to boost its industrial client base, for example building its business with automakers. Henkel officials were not immediately available for comment.

Henkel recently lost out to US giant Procter & Gamble in the race for German haircare group Wella, and analysts say it is under pressure to acquire companies to remain competitive. National Starch and Chemical is a manufacturer of adhesives, speciality synthetic polymers, electronic and engineering materials and natural polymers with annual sales of nearly $3bn. Bureau Report