The Commission said its preliminary examination indicates the transaction could fall within the scope of the EU Merger Regulation, while noting that it has not yet made a final decision. Interested third parties have 10 days from publication of the notice to submit comments on the proposed transaction.

Henkel announced the agreement to acquire Stahl in February for a purchase price of €2.1 billion. Stahl is a global supplier of high-performance specialty coatings for flexible materials, with a portfolio that includes leather finishing coatings, performance coatings and coatings for paper packaging and graphics. The company employs approximately 1,700 people and generated adjusted sales of about €725 million in 2025.

The acquisition is intended to expand Henkel Adhesive Technologies into adjacent specialty coatings markets serving automotive, fashion and lifestyle, packaging and other applications. Stahl’s shareholders include majority owner Wendel as well as BASF and Clariant.

Henkel said in its most recent half-year update that it expects the Stahl acquisition to close during the second half of 2026. The transaction remains subject to regulatory approval and other closing conditions.

The EU review marks another step toward completion of a major transaction involving a global specialty coatings manufacturer. If completed, the deal would place Stahl’s coatings technologies and approximately €725 million in annual sales within Henkel Adhesive Technologies as consolidation continues across the coatings mergers and acquisitions landscape.