Henkel AG has confirmed it is in talks with French investment firm Wendel SE over a possible acquisition of Dutch chemical maker Stahl Holdings BV.

The German chemicals group Stahl said in a regulatory filing that discussions are ongoing and there is no certainty that a deal will happen. Any transaction would still need approval from Henkel’s internal bodies and regulators.

Wendel also confirmed it is holding non-exclusive talks with Henkel. This means Wendel is free to speak with other potential buyers at the same time.

Stahl has been on the sale radar for some time. In late 2024 Wendel explored a possible sale of the company which could value the business at up to €2 billion or about $2.3 billion.

Wendel bought Stahl in 2006 along with Carlyle Group in a €520 million deal. After a debt restructuring in 2010 Wendel emerged as the main shareholder and today owns about 68% of the company.

Over the years Stahl has expanded by acquiring several businesses.

In November 2024 Stahl agreed to sell its wet-end leather chemicals business to Syntagma Capital. This move was aimed at reshaping Stahl into a focused specialty coatings company for flexible materials but in November 2025 both sides walked away from the deal citing weak market conditions.

Following the collapse of the transaction Stahl confirmed it would move ahead with the separation anyway. The wet end business was carved out and set up as an independent company now operating under the name Muno.

Henkel is headquartered in Düsseldorf and operates across industrial commercial and consumer chemicals. The company is majority owned by the Henkel family.

The talks signal possible consolidation in the specialty chemicals space but for now both sides are keeping expectations in check as discussions continue.