It didn’t take long for a new suitor to court US distributor Univar Solutions (Downers Grove, Illinois; www.univarsolutions.com), with compatriot investment house Apollo Global Management (New York, New York; www.apollo.com) unveiling a USD 8.1 bn (EUR 7.6 bn) bid for the company.

The move follows the decision by German distributor Brenntag (Essen; www.brenntag.com) to withdraw its offer for the company.

Now it is up to Univar shareholders to decide whether they want to sell their stakes. Financing for the bid is said to come from various parties that include the Abu Dhabi Investment Authority.

If investors bite, Univar will be delisted and integrated into Apollo’s portfolio, the two companies said. Subject to shareholder approval and regulatory approvals, Apollo expects to close the transaction in the second half of 2023.

Apollo has purchased a slew of firms in the plastics sector in recent years. Last summer, it bought into Austrian film and packaging manufacturer Schur Flexibles (Wiener Neudorf; www.schurflexibles.com). At the beginning of 2022, Apollo completed its takeover of Europe’s second-largest PVC manufacturer, Kem One (Lyon, France; www.kemone.com).

Univar Solutions continued its expansion in Europe some six months ago with the purchase of Spanish competitor Vicom Distribución (Barcelona; www.vicomdistribucion.es).