German rubber chemicals group Lanxess is in talks to buy Belgian chemicals group Taminco from private equity firm CVC for about €1 billion, the Financial Times Deutschland reported.

The acquisition would be the largest in Lanxess' history, the paper said in an advance copy of its Wednesday edition, citing financial and sector sources.

Lanxess declined to comment. CVC and Taminco were not immediately available for comment.

The German group had said earlier this month that acquisitions of targets with up to €1 billion in sales were possible.

Taminco had sales of €715 million in 2010 and Chief Executive Laurent Lenoir told Reuters in April that something might happen with CVC, as it had been invested in the company for almost four years.

Lanxess is being advised by JP Morgan, and the sellers by Goldman Sachs and Merrill Lynch, the paper said.