Bear Stearns and Banc of America acted as joint advisers to Albemarle Corporation, the US chemicals company, which beat a number of trade and financial buyers to land the catalysts business of Akzo Nobel, the Dutch chemicals and coating company, for €625m ($745m).

Albemarle is understood to have beaten competition from European trade buyers such as Johnson Matthey, as well as Permira and the Carlyle Group, two private equity firms. However, it is not thought to have gained exclusivity.