Axalta, AkzoNobel End Merger Talks
Nov. 27, 2017—Axalta Coating Systems confirmed on Nov. 21 that its previously announced talks with AkzoNobel regarding a potential merger of equals transaction between Axalta and Akzo’s Paints and Coatings business ended, as the companies were unable to reach mutually agreeable terms.
In a press release, Axalta's CEO, Charles W. Shaver said the following:
“After pursuing a potential combination of Axalta and Akzo, we concluded we could not negotiate a transaction on terms that meet our criteria. Any transaction we ultimately agree to needs to generate superior long-term value for Axalta shareholders as compared to the continued execution of our strategic plan.”
Instead, the company confirmed on Nov. 22 that it is in talks to acquire Nippon Paint, a Japanese paint and products manufacturing company.