Wendel Investissement, the French holding company, has started exclusive negotiations to buy Materis, the industrial chemicals group, for €1bn ($1.2bn) from private equity owner LBO France. The talks come weeks after rival buy-out house Eurazeo withdrew its offer for the company.

Goldman Sachs and Société Générale are advising Wendel on the new exclusive negotiations under which Wendel will pay €1bn for 100% of Materis' equity and invest up to €400m in the group for expansion. The deal has a total enterprise value of €2bn, including debt.

Hugh Wheelan in Paris

Eurazeo

Wendel Investissement

The Carlyle Group

Goldman Sachs

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Wendel swoops for Materis

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