Dutch health, nutrition and materials company DSM could be bidding for DuPont’s nutrition and biosciences business, according to a Bloomberg report.

The business, which generated revenue of just over $3 billion revenue for the six months ended Jun. 30, makes food ingredients, personal care products and other specialty chemicals.

Laurence Alexander, an analyst with New York-based Jefferies, said the deal, which could be worth as much as $20.8 billion, could be a plus for both companies. “Each could also see valuations step higher if the market continues to favor focus over diversification,” Alexander said, adding that an asset swap may also make sense. “DSM’s … materials business could be an attractive complement for [DuPont’s] aramids and thermoplastics.”

Other suitors that DuPont has reportedly reached out to include Ireland’s Kerry Group and Swiss flavors and fragrances group Givaudan.

Bloomberg said DuPont has sent confidentially agreements to prospective buyers and hopes to conclude a review by the end of the year.

Sources said back in August that DuPont was considering a sale or spin-off of its nutrition business as well as looking into a Reverse Morris Trust, essentially a tax-free merger with another company.

Aside from the nutrition and biosciences division, DuPont is said to have earmarked $2 billion worth of revenue as noncore assets likely to be divested. These include photovoltaics, biomaterials and the Hemlock semiconductor joint venture.