German household chemicals company Henkel announced on Monday (November 12) that it had sold its specialty chemicals unit, Cognis, for Euro2.5 billion to a financial consortium. Permira (formerly Schroders Ventures Europe) and Goldman Sachs agreed the deal on September 12, but a clause was inserted to allow the consortium to pull out within two months due to the uncertainty following the events of September 11. The sale represents one of the largest private equity buyouts in the chemicals industry.

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