Wendel Se · EURONEXT:MF
Wendel — Merger or Acquisition (October 2013)
6 slides from Wendel's merger presentation, Oct 30, 2013
Slide 1: Stahl and Clariant in exclusive negotiations regarding Clariant Leather Services
Stahl and Clariant in exclusive negotiations regarding Clariant Leather Services 30 October 2013
Slide 2: A compelling industrial project
A compelling industrial project Exclusive negotiations between Stahl and Clariant for the acquisition of Clariant’s Leather Services Business Unit Creation of a global leader of leather chemicals Significant synergy potential:15 M€ on the combined EBITDA Larger and less volatile growth profile for S
Slide 3: Side-by-side: Stahl + Clariant Leather Services combination
Side-by-side: Stahl + Clariant Leather Services combination Clariant Leather + Clariant Leather Services Services 2012 sales 361 M€ 255 M€ 616 M€ 55 M€ 23 M€ 77 M€ 2012 EBITDA 15.2% 9.0% 12.6% Margin Performance Dyes coatings 17% 19% Performance coatings Leather Leather Leather Dyes 33% finishing fi
Slide 4: Identified synergies
Identified synergies Lab/Office structure R&D savings No revenue synergies Total synergies of Sales & Appl. Dev. 15 M€ on EBITDA Production Procurement savings Administrative services Negative revenue synergies Subject to consultation with the employee representative bodies and to the necessary regu
Slide 5: Key transaction terms
Key transaction terms Transaction values Stahl at an EV/EBITDA multiple of over 9 x estimated and Clariant Leather Services at c. 7.5 x estimated EBITDA, thus a premium of c. 25% for Stahl Clariant would receive 23% of the shares of Stahl and a cash payment of c. €70million. Wendel would remain
Slide 6: Disclaimer
Disclaimer • This document has been prepared by Wendel S.A. (“Wendel”) solely for use at the presentation of the Company. This document must be treated confidentially by attendees at such presentation and may not be reproduced or redistributed to any other person. • No representation or warranty, ex