AkzoNobel confirmed on Monday it was in talks to buy Axalta Coating Systems Ltd., according to a Reuters report.
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.
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