DSM-Firmenich AG has reopened its auction for the animal nutrition and health unit to Apollo Global Management, reviving a two-horse private equity contest with CVC Capital Partners, according to a report by Bloomberg citing unnamed sources familiar with the process.

The sale, initially set at around €3bn ($3.2bn), has been complicated by disagreements over price and the performance of the unit’s vitamins business, which is under pressure from low-cost Chinese competitors. Both buyout firms have pushed DSM-Firmenich to separate or restructure the vitamins segment, or retain a minority stake, to mitigate margin concerns. DSM-Firmenich, however, prefers to sell the business as a single package.

CVC had emerged as the sole remaining bidder after initial talks, but DSM-Firmenich brought Apollo back into the process after the firms failed to reach an agreement on valuation and deal structure. A final decision on the winning bidder and transaction structure is expected in the coming weeks, according to sources.

Earlier in the auction, other private equity players including Bain Capital, Lone Star Funds, as well as strategic acquirers such as Nutreco, Archer-Daniels-Midland and Cargill, had expressed interest but did not advance to the final stages.

DSM-Firmenich, headquartered in the Netherlands and Switzerland, was created in 2023 following the merger of Royal DSM and Firmenich International. The group supplies specialty ingredients to large consumer goods companies and beauty firms, with the animal nutrition and health unit generating €3.32bn in sales in 2024. The disposal package includes pre-blended solutions and other specialty nutrition ingredients