Apollo, PGGM partner in bid for AkzoNobel's chemicals arm

Apollo has chosen to collaborate with one of the biggest Dutch pension funds for the bidding process, PGGM, according to the Financial Times. The fund, with €200bn in assets under amangement, would act as a minority investor.

The bid comes after Apollo already teamed up with German chemical maker Lanxess to demonstrate the sector expertise it can provide. 

Recently, the Financial Times reported that several private equity firms had submitted bids for the acquisition of the speciality chemicals division of Dutch conglomerate AkzoNobel. Beside Apollo, the identified bidders were Carlyle, a partnership between Advent and Bain, and Hal Investments.

AkzoNobel is also said to be considering listing the chemicals division as a distinct entity and issuing stock to its shareholders. The division reported EBIT of €169m from €1.2bn revenues for Q3 2017.

When contacted by Unquote, PGGM declined to comment. Apollo was not immediately available for comment.

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