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Henkel Eyes €2 Billion Stahl Acquisition Amid Private Equity Shift

1/20/2026

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Summary

Story summary

Henkel AG & Co. KGaA is in discussions to acquire Stahl Holdings B.V., with Wendel SE as the majority owner.
The deal could value Stahl at up to €2 billion and would require approvals from Henkel's governing bodies and antitrust authorities.
Wendel SE confirmed it is in non-exclusive talks with Henkel.
The move reflects ongoing private equity exit activity in European industrial assets as strategic buyers seek transformed specialty businesses.

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Story summary

Henkel AG & Co. KGaA is in discussions to acquire Stahl Holdings B.V., with Wendel SE as the majority owner.
The deal could value Stahl at up to €2 billion and would require approvals from Henkel's governing bodies and antitrust authorities.
Wendel SE confirmed it is in non-exclusive talks with Henkel.
The move reflects ongoing private equity exit activity in European industrial assets as strategic buyers seek transformed specialty businesses.