GE 'close to plastics unit sale'

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General Electric is reported to be close to selling its plastics unit for about $11bn (Â£5.6bn) to Saudi Basic Industries (Sabic).

US newspapers claim Sabic has come out on top after a second round of bids was submitted in the past week.

Other bidders are understood to have included the private equity firm Apollo Management and the Dutch petro-chemical business Basell.

The $11bn price-tag would exceed some estimates of the value of the business.

Saudi Arabia-based Sabic is the world's biggest chemicals company by market value.

GE's plastics unit made a profit of $674m in 2006 and supplies products such as car parts, compact discs and construction materials.