Giant in the making: An employee handling empty Dulux paint pots at Akzo Nobel’s factory in Ashington, UK. Akzo says merging with Axalta, whose truck coatings business fills a hole in its portfolio, will create a leading global paints and coatings company. — Bloomberg
AMSTERDAM: Dutch paints maker Akzo Nobel, under pressure after rejecting a lucrative takeover offer and two profit warnings, has confirmed merger talks with smaller US rival Axalta Coating Systems Ltd to create a US$30bil company.
Akzo, the maker of Dulux paint, announced it was in “constructive talks” about a “merger of equals” in what would be the first major deal by chief executive Thierry Vanlancker, who took over in July after Akzo spurned a €26bil (US$30.2bil) takeover offer from US rival PPG Industries.
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