Wendel has entered into an exclusivity period with DuluxGroup for the sale of its full stake in Cromology at an enterprise value of c.€1.3bn. An impressive feat as, just three years ago, Cromology was worth essentially nothing in the NAV. DuluxGroup’s firm offer stands substantially above our most recent valuation (€0.4bn) and provides Wendel €0.9bn in net proceeds, adding over €12 per share to our estimated NAV, and successfully closing the HoldCo’s 15-year investment in the Materis Group.
