FRANKFURT, May 26 (Reuters) - With suitors circling German chemicals maker Cognis [COGNS.UL], according to sources, the company's finance chief gave them a price tag its private equity owners might have in mind to wrap up drawn-out sales talks.

Photo courtesy of Cognis GmbH, Monheim, Germany

Cognis's CFO Marco Panichi indicated on Wednesday 26 May that a fair value for the maker of chemicals for cosmetics and detergents could be about 3.4 billion euros ($4.2 billion), according to Reuters calculations. Peers in the chemical industry trade at between six and 10 times earnings before interest, taxes, depreciation and amortisation (EBITDA), including net debt, he said.

"The position of Cognis should be somewhere in the middle of that range. But that is an approximate figure," the CFO said, declining to provide a definitive valuation.

Cognis posted adjusted EBITDA of 423 million euros over the 12 months to March, which would translate into a fair value of about 3.4 billion euros on a price-earnings multiple of eight. Cognis's private equity owners have relaunched their campaign to sell the company outright even as it prepares to go public, sources familiar with the matter have said.

At least two more suitors have joined chemical industry leader BASF (BASF.DE) in targeting Cognis, but BASF looks most likely to strike a deal, several such sources have told Reuters.

But bids have stubbornly remained below the asking price, they have said.

One person familiar with the matter said this month that offers were more than 3 billion but less than 3.5 billion euros ($3.8-$4.5 billion), including assumed debt.

"An acquisition price of 3.5 billion euros would be at the upper end of a price range which would be considered fair by us," DZ Bank analyst Peter Spengler wrote in a note to investors.

Cognis saw a good start to the second quarter, CFO Panichi added. He declined to provide a specific outlook for adjusted EBITDA in 2010.

"We remain cautiously optimistic and expect a continued recovery of European markets as well as sustained growth in the Asia-Pacific region," Chief Executive Antonio Trius said in a statement.

Goldman (GS.N) and Permira [PERM.UL] abandoned plans to sell the group in 2006 and 2008 but remain eager to divest, having held on to the company for nine years, far longer than is customary among private equity firms.

CFO Panichi reiterated on Wednesday 26 May that Cognis was ready to be taken public, but cautioned that the situation on the stock markets was difficult.

"You have to catch a window of opportunity. These windows are opening and closing, and it is difficult at the moment to anticipate them eight weeks in advance," he said.

Cognis's owners were under no time pressure to sell or carry out an initial public offering, he added.

Sources told Reuters earlier this year that U.S. specialty chemicals maker Lubrizol (LZ.N) was interested in Cognis. Analysts also view Belgium's Solvay (SOLB.BR) and Dutch group DSM DSMLX.O as potential suitors. (Reporting by Ludwig Burger, editing by Will Waterman) ($1=.8139 Euro)