AkzoNobel Confirms Axalta Merger Discussions
Oct. 30, 2017—AkzoNobel, the Dutch maker of paints and coatings, confirmed on Monday it was in talks to buy U.S. coatings maker Axalta Coating Systems Ltd., according to a Reuters report.
The company's chief executive Thierry Vanlancker is trying to make the deal for a reported $30.2 billion.
Reuters first reported that the companies were rumored to be in talks on Friday to coordinate a deal. If the sale goes through, this will make AkzoNobel the second-largest coatings company with a 12 percent market share, ahead of PPG.
In a press release, AkzoNobel confirmed that the two were in talks.
The company said it will get rid of its chemicals division.