Several private equity firms are studying DSM-Firmenich AG’s animal nutrition and health business, which could be valued at about €3 billion ($3.2 billion) in a deal, according to people familiar with the matter.

Apollo Global Management Inc., Bain Capital, CVC Capital Partners and Lone Star Funds are among those exploring possible offers for the business, the people said. Dutch animal nutrition firm Nutreco NV and agricultural commodity traders Archer-Daniels-Midland Co. and Cargill Inc. have also been invited to bid, the people said, asking not to be identified as the information is private.