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(Bloomberg) — Henkel AG agreed to buy Netherlands-based specialty coatings company Stahl Holdings BV for €2.1 billion ($2.5 billion) from private equity firm Wendel SE, the latest deal in the under-pressure chemicals industry.
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Minority shareholders BASF SE and Clariant AG, which together control more than 30% of Stahl, will also sell their stakes, Wendel said Wednesday. The deal will strengthen Henkel’s adhesive technologies unit, the German chemical maker’s Chief Executive Officer Carsten Knobel said.
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Wendel shares rose as much as 5.2% in Paris, their steepest intraday gain since Dec. 12. BASF climbed as much as 2.8% in Frankfurt, with Henkel’s stock edging up 0.3%.
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Executives predict a wave of consolidation in the chemicals industry, with companies grappling with weak demand, soaring energy costs, tariffs and intense competition. Others in the sector, such as paint maker Akzo Nobel NV and BASF, are also involved in multi-billion euro deals.
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Wendel has been weighing a sale of Stahl for some time, with Bloomberg News reporting in November 2024 that it was working with advisers to offload the company. Stahl has roughly 1,700 employees and makes coatings for products spanning the automotive, fashion and packaging industries.
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Wendel and Carlyle Group Inc. bought Stahl back in 2006 for €520 million before a restructuring gave the French firm control of the company. Stahl has since grown through acquisitions, including by purchasing BASF’s leather-chemical unit and a similar business from Clariant.
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The deal is subject to the normal regulatory approvals and other conditions.
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(Updates with shares in third paragraph.)
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