Private equity firm Apollo Global Management (APO) has partnered with Dutch pension fund PGGM to purchase a portion of Akzo Nobel's (AKZOY) business in an effort to position itself as a viable Dutch option in the auction, the Financial Times reports, citing two people familiar with the move. Apollo has teamed up with PGGM, which would be a minority co-investor in the potential acquisition of Akzo's EUR10B specialty chemicals division, after partnering with German chemical maker Lanxess (LNXSF) to demonstrate expertise in the area. Reference Link
Lanxess upgraded to Buy from Neutral at UBS. UBS analyst Patrick Rafaisz upgraded Lanxess to Buy and raised his price target for the shares to EUR 75 from EUR 67. The analyst sees the company's EBITDA growth turning a corner in 2018.