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BASIC INDUSTRIES: Wendel (MWDP NR/BBB[N]/NR): Potential Stahl Sale

BASIC INDUSTRIES
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  • Bloomberg reported that Wendel is considering selling its chemical business Stahl, at a valuation of up to €2bn.
  • On the face of it that could take proforma LTV to around zero.
  • There is no reason to assume proceeds would be used to reduced debt, however. LTV has been in a 6-10% range over the past 5 years and by its nature Wendel is regularly in and out of investments. It’s currently in the process of executing a new dual strategy with a move into asset management.
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  • Bloomberg reported that Wendel is considering selling its chemical business Stahl, at a valuation of up to €2bn.
  • On the face of it that could take proforma LTV to around zero.
  • There is no reason to assume proceeds would be used to reduced debt, however. LTV has been in a 6-10% range over the past 5 years and by its nature Wendel is regularly in and out of investments. It’s currently in the process of executing a new dual strategy with a move into asset management.