Cash is also part of Stahl’s acquisition of BASF leather chemicals
23/03/2017
Wendel said that, as a result of the acquisition, BASF will receive a 16% stake in Stahl in addition to a cash payment of around €150 million, which Stahl will pay. It said the final amount of money may be adjusted “depending on leverage and working capital” when the deal closes, probably in the fourth quarter of 2017.
The Paris-based group said it has calculated that BASF’s leather chemicals business unit achieved revenues of €200 million in 2016 (BASF reported its leather chemicals revenues only as part of the results of its larger performance chemicals group). It said combining these revenues with Stahl’s gives a 2016 figure of €850 million.
Wendel will remain the largest shareholder in Stahl, with around 63% of the equity. Swiss chemicals group Clariant, whose leather chemicals business Stahl acquired in 2013, has a 19% stake. BASF’s ownership of 16% of Stahl’s equity will leave small shareholders, including the management team, with a combined total of 2%.
Commenting at the time of the BASF announcement, the chairman of Wendel’s executive board, Frédéric Lemoine, said: “Wendel is very proud of the outstanding track record of Stahl over more than 10 years under its ownership. Wendel has supported Stahl in all phases of its development.”
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