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Stock impact report

WENDEL: Agreement to sell Stahl, the global leader in specialty coatings for flexible materials, to Henkel [Yahoo! Finance]

BASF SE S/ADR (BASFY) 
NASDAQ:AMEX Investor Relations: basf.com/en/company/investor-relations.html
Company Research Source: Yahoo! Finance
Estimated net proceeds of €1.2 billion for Wendel, representing an annualized IRR of over 15% since 2006 Wendel (Euronext: MF.FP) announces it has entered into an agreement to sell its stake in Stahl (excluding Muno) for an enterprise value of €2.1 billion to Henkel, a German-headquartered global coatings and adhesives leader serving a broad range of industrial and consumer end markets. Henkel benefits from a strong track record in innovation, technology leadership and sustainability. The contemplated transaction values Stahl at a level that would yield total net proceeds at completion (after debt and transaction costs) of c.€1.2 billion for Wendel. This corresponds to a multiple of 6.6 times (net) Wendel's total investment since 2006, including €427m of past proceeds thanks to Stahl's robust cash generation. This represents an annualized IRR of over 15% over 20 years. This compares with a value of €960 million in Wendel's net asset value (“NAV”) published before the transaction Show less Read more
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