German chemical giant Henkel (HENKY.US) begins negotiations with investment agency Wande over the acquisition of paint manufacturer Starr

The Zhitong Finance App learned that German chemical giant Henkel (Henkel, HENKY.US) is in negotiations with French investment agency Wendel (Wendel) to acquire Dutch specialty chemicals manufacturer Stahl Holdings (Stahl Holdings).

Henkel said in a regulatory filing submitted on Monday that it is currently uncertain whether an agreement can be reached or whether the deal will be completed. Any potential transaction is subject to approval and regulatory approval from the company's governing body. Wonder also separately confirmed that it is in non-exclusive negotiations with Henkel.

According to Bloomberg News in November 2024, Wonder was considering selling Starr at the time, and the deal could be valued at as high as 2 billion euros. People familiar with the matter revealed earlier that Wonder has cooperated with advisors from J.P. Morgan Chase and Morgan Stanley on this potential divestment.

Wonder and Carlyle Group acquired Starr in 2006 for 520 million euros. According to Wande's official website, the Dutch company completed debt restructuring in 2010, and currently holds 68% of its shares.

Starr achieved growth through several acquisitions, including the acquisition of BASF's leather chemicals business and a similar business from Clariant Switzerland. In November 2024, Starr agreed to sell its wet end leather chemicals business to Syntagma Capital with the aim of transforming it into a business-only specialty coatings manufacturer focused on flexible materials.

Henkel, headquartered in Düsseldorf, produces industrial, commercial and consumer chemicals, and most of its shares are owned by the Henkel family. Starr, on the other hand, mainly produces coating and surface treatment chemicals for materials such as leather (from handbags to car seats).