Borealis AG has launched the sale of its nitrogen business in a potential EUR 500 million to EUR 600 million ($591 million to $709 million) deal, as it seeks to streamline operations, people close to the matter said. The company is working with Barclays on the sale of the Nitro business, which comprises its fertilizer, melamine and technical nitrogen operations and could attract suitors such as OCI N.V. (ENXTAM:OCI), EuroChem Group AG, Public Joint Stock Company Acron (MISX:AKRN), AGROFERT, a.s. and Fertiberia, S.A., they said. First-round offers, which could value Borealis Nitro at 5-6 times its core earnings of about 100 million, are due later this month, they added. Borealis is 75% owned by energy group OMV, while Abu Dhabi state fund Mubadala holds the remaining 25%. OMV and Barclays declined to comment, while Borealis was not available for comment.