According to the relevant sources, Germany Lanxess and private equity firm Apollo Global Management Co., Ltd. jointly bid for AkzoNobel's $ 10 billion specialty chemicals business.
Reported that Germany's LANXESS competed with teams including CVC Capital Partners, KKR, Advent International and Bain Capital; in addition, Carlyle Group and Blackstone Group will conduct Bid separately.
Reporters noted that at the EGM held on November 30 this year, the shareholders of AkzoNobel approved the separation of their specialty chemicals business as part of their strategy to create a focused and efficient business: the paint and coatings business and Professional chemicals business.
According to the information, LANXESS is a leading global supplier of specialty chemicals and its core businesses include the development, manufacture and sale of chemical intermediates, additives, specialty chemicals and plastics with sales of 7.7 billion euros in 2016 and approximately 19,200 Employees, located in 74 countries in 25 countries production base.