Henkel wants to acquire Stahl. The German giant based in Düsseldorf has confirmed that it is in talks with Wendel, the French majority shareholder of Stahl, for a deal with an indicative value of up to €2 billion. However, Wendel told Bloomberg that it isn’t negotiating the sale exclusively with Henkel. It’s still unclear whether the merger would also involve Muno, the newly established leather chemicals division, which is independent from Stahl but also controlled by Wendel.
Negotiations to acquire Stahl
Henkel and Wendel are discussing the possibility of reaching an agreement for the sale of Dutch company Stahl Holdings. The German chemical group told Bloomberg that it is not certain that the talks will lead to an acquisition or another type of agreement. If a sale is finalized, it would still need approval from the respective boards of directors and then clearance from the relevant antitrust authorities. Wendel noted that it is in non-exclusive talks with Henkel. At the end of November 2024, Bloomberg had already reported Wendel’s intention to sell Stahl at a valuation that could reach up to €2 billion.
Background
Wendel and Carlyle acquired Stahl in 2006 for €520 million. A debt restructuring was completed in 2010, and Wendel currently owns a 68% stake in Stahl. The company acquired Clariant’s Leather Business in 2014 and BASF’s Leather Chemicals division in 2017. In November 2024, Stahl announced the sale of its wet-end leather chemicals business to Syntagma Capital, but the deal didn’t materialize.
One year later, Stahl said: “Current negative market conditions have impacted business performance and made the sale terms less favorable for Stahl, bringing us not to close the transaction. Stahl and Syntagma Capital mutually agreed to exit the agreement”. The spin-off of the wet-end business proceeded independently. As of January 1 of this year, an independent company called Muno was established, controlled by Wendel and headquartered in Paderno Dugnano (Milan). It remains to be seen whether the newly created Muno will also be involved in a potential sale.
Read also:
- From tariffs to a tumble: being Trump’s friend did not help Arnault
- M&A headlines: new Board of Directors for Versace, Golden Goose reviews its debt
- Philippe Model and Golden Goose: double merger at the end of the year
