Disclaimer :

The Competition DG makes the information provided by the notifying parties in section 1.2 of Form CO available to the public in order to increase transparency. This information has been prepared by the notifying parties under their sole responsibility, and its content in no way prejudges the view the Commission may take of the planned operation. Nor can the Commission be held responsible for any incorrect or misleading information contained therein.

COMP/M.4236 - WENDEL-CARLYLE / STAHL

SECTION 1.2

Description of the concentration

The contemplated transaction involves the acquisition of joint control by Wendel Investissement (hereafter “Wendel”) and Carlyle Europe Partners II LP, a subsidiary of the Carlyle Group (hereafter “Carlyle”) over Stahl Holding NV, which is currently held by Leather Luxembourg SA. Wendel and Carlyle have signed a share purchase agreement in this respect on 29 April 2006. Wendel is a listed investment firm that invests in companies active in industry and services in France and abroad. Carlyle is a private global investment firm. Stahl is a company active in the manufacture and trade of chemical products. Stahl represents a strategic investment for both Wendel and Carlyle, as the leather chemicals business is expected to grow. No horizontal overlap and no vertical relationship exist between the parties and Stahl. As a result, there are no horizontally or vertically affected markets within the meaning of Section 6 of Form CO and, consequently, the contemplated transaction does not raise any competition concern.