No effect on Muno from Henkel deal
The proposed sale of leather chemicals manufacturer Stahl to in Düsseldorf-based group Henkel will have no bearing on Muno.
Majority shareholder Wendel announced on February 4 that it had decided to sell its equity in Stahl to Henkel. It said minority shareholders BASF and Clariant would also sell, and that the deal value Stahl at €2.1 billion.
But this does not include the wet-end leather chemicals part of the business, which has been operating since the start of January as Muno, a fully independent company.
On confirming in a press release at the start of this year that Muno was spinning off from Stahl, Wendel made it clear that the new, independent company was “under the majority ownership of Wendel”.
Asked by World Leather if the deal for Stahl would have any effect on Muno, Wendel limited itself to saying: “We have no comment beyond what is in the press release.”
Henkel’s purchase of Stahl is still subject to regulatory approvals and a consultation process. The companies have not said when they expect the deal to be complete. When it is, though, Wendel’s only remaining interest in the leather industry will be recent spin-off Muno.
