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Wendel SA's Stahl in Exclusive Negotiations to Acquire Clariant AG's Leather Services Business


Wednesday, 30 Oct 2013 02:00am EDT 

Wendel SA announced that Stahl has entered into exclusive negotiations with Clariant AG with a view to acquiring its Leather Services business. Clariant AG, listed on the Zurich stock exchange with a market capitalization of around CHF 5 billion, is a Swiss specialty chemicals group, including a Leather Services business. In exchange for the sale of its assets to Stahl, Clariant would receive 23% of the shares of Stahl and a cash payment of circa EUR 70 million. At the same time, Stahl would put in place new financing of up to c. 3 times the group's combined EBITDA, which would allow it i) to continue growing and developing, with priority on high-performance coatings, ii) to refinance its existing credit lines and iii) to redeem partially shareholder loans for up to c. EUR40 million in cash notably to Wendel SA. Wendel SA would remain the principal shareholder, with c.70% of the group's capital. The transaction could be finalized in 2014, after consultation with the employee representative bodies and subject to the necessary regulatory approvals 

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