Henkel has confirmed it is in talks with French investment firm Wendel over a potential acquisition of specialty chemicals group Stahl, in a deal that could value the business at up to €2bn.

In a regulatory filing, the German chemicals group said discussions were ongoing but stressed there was no certainty an agreement would be reached. Any transaction would require approval from Henkel’s governing bodies as well as regulatory clearance. Wendel separately confirmed it was in non-exclusive talks with Henkel.

Bloomberg previously reported that Wendel has been weighing a sale of Stahl, which it acquired alongside Carlyle in 2006 for €520m. Following a debt restructuring in 2010, Wendel emerged with a controlling stake and now owns 68% of the business.

Stahl manufactures specialty coatings and surface treatment chemicals used in applications ranging from leather goods to automotive interiors. In recent years, the company has streamlined its portfolio through acquisitions and divestments, including the sale of its wet-end leather chemicals unit to Syntagma Capital in 2024.

The talks highlight continued private equity exit activity in European industrial assets, as strategic buyers seek to acquire scaled specialty businesses that have already undergone operational transformation under financial ownership.

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