But the German group has not denied a newswire report last Tuesday (3 August) which suggested that the firm was planning a sell-off for the division.

Chief executive Juergen Hambrecht said: "We are happy with our business and will do all we can to ensure this is the case in the future."

UK managing director Russell Foxley said: "I can only repeat Juergen's comment, which is that BASF does not comment on industry rumour."

AFX News reported that financial investors Apax and CVC Capital Partners were bidding for the ink business alongside an unnamed print industry firm.

Apax and CVC declined to comment on the report.