Henkel has entered talks with French investment firm Wendel over a potential acquisition of specialty chemicals group Stahl, which could value the business at up to €2bn. The German chemicals group confirmed ongoing discussions but stressed no agreement is certain. Any deal would require Henkel board and regulatory approvals.

Wendel, which acquired Stahl alongside Carlyle in 2006 for €520m, now holds a 68% controlling stake. The target manufactures specialty coatings for leather goods and automotive interiors. This potential exit reflects a broader trend of private equity selling mature, transformed industrial assets to strategic buyers seeking scale.

Stahl has streamlined its portfolio through acquisitions and divestments, including a 2024 sale of its wet-end leather chemicals unit. For Henkel, the move could bolster its adhesives and surface technologies division. Investors will watch for regulatory scrutiny and the final deal valuation, which hinges on Stahl’s recent financial performance.