Stahl, based in Waalwijk, Netherlands, produces surface-treatment and coatings chemicals used across industries including leather and automotive. Wendel has held a majority stake since the mid-2000s.
Both Henkel and Wendel have confirmed talks but stressed there is no certainty a deal will be reached. Any transaction would need approval from Henkel’s governing bodies and relevant antitrust regulators.
Market commentary reports have suggested the target could be valued at around €2 billion, though neither party has officially disclosed terms.
At this stage, discussions remain at an early stage and could still end without an agreement.
