GE ( GE) has put its plastics business on the block, and the division could be worth up to $10 billion if it's sold, according to a published report.

The Wall Street Journal said GE has reached out to a number of private equity firms but told them that they will be restricted in their ability to join forces with other bidders. The report cited people who had knowledge of the matter.

Shares of GE rose 22 cents to $37.77 in premarket trading Tuesday.

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