Henkel KGaA has agreed to sell its chemical division, Cognis, to a consortium of financial investors comprising of Schroder Ventures and Goldman Sachs Capital Partners for €2.6 billion.
According to a statement, Henkel is confident that it has succeeded in finding purchasers who are able to support the continued successful development of Cognis.
The definite purchase agreement was signed by the parties on September 12 and is expected to close by November 30.
Due to the current uncertain conditions in the financial markets arising from the tragic events in the United States, Henkel has granted to the investors the absolute right to withdraw from the contract within two months.
The agreement is subject to customary closing conditions, including relevant regulatory approvals.
The proceeds from the sale of Cognis will increase Henkel’s debt capacity substantially and will be used for the further development of the core businesses.