The European Commission on June 2, 2026, granted conditional antitrust approval for Carlyle Group acquisition of a 60% stake in BASF coatings business, valuing the business at 77 billion euros. BASF will retain a 40% minority stake and expects to receive approximately 58 billion euros in pre-tax cash proceeds.
The approval includes a critical divestment condition: the European Commission requires Carlyle to complete the full divestiture of Nouryon global polysulfide business, including production facilities and related intellectual property, to a qualified third-party buyer before the transaction can become effective. Nouryon is one of only two global suppliers of polysulfide, a critical raw material for aerospace sealants. The Commission was concerned that the merged entity could restrict competitors access to this key material and that the transaction could facilitate the exchange of commercially sensitive information.
The transaction was originally announced on October 10, 2025. BASF has simultaneously launched a cross-departmental transformation program called CoreShift, targeting a reduction of up to 20% in net cash fixed costs for core businesses by 2029 compared with 2024 levels.
