White & Case Advises Clariant on Sale of Its Leather Services Business | White & Case LLP International Law Firm, Global Law Practice
White & Case Advises Clariant on Sale of Its Leather Services Business

White & Case Advises Clariant on Sale of Its Leather Services Business

Global law firm White & Case LLP has advised Clariant, the Swiss world leader in specialty chemicals listed on the Zurich stock exchange, on the sale of its Leather Services business to Stahl, a chemicals group based in the Netherlands.

Clariant will receive 23 percent of the shares in Stahl and a cash payment of approximately CHF 85 million (EUR 69 million). The French financial investor Wendel will remain the majority shareholder in Stahl and the transaction, which involves 23 jurisdictions and requires regulatory approval in eight, is planned to close during 2014.

Stahl is engaged in the manufacture of leather finishing products and will become one of the largest suppliers worldwide following the purchase of the business from Clariant, with sales reaching €616 million. For Clariant, this transaction essentially completes the restructuring of its group following the successful sale of its Textile Chemicals, Paper Specialties and Emulsions businesses and of its business unit Detergents & Intermediates.

Clariant has repeatedly entrusted M&A transactions to White & Case, including the establishment of a 50:50 joint venture with Singapore-based agribusiness group Wilmar International, which was finalized in August 2013.

The White & Case team was led by partner Dr. Axel Pajunk and included local partners Dr. Matthias Hornberg and Dr. Matthias Kiesewetter, associates Ingrid Knollmeyer and Dr. Jan Ole Eichstädt (M&A), partner Dr. Bodo Bender and associate Dr. Tim Bracksiek (Tax), partner Frank-Karl Heuchemer (Labor Law) and, in Paris, partners Alexandre Jaurett (Labor Law) and Brice Engel (M&A) as well as associate Guilain Hippolyte (M&A). The due diligence investigation was supported by further lawyers from White & Case offices in China, France, Mexico, Singapore, Spain and the United States.

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