Akzo seeks US$30b merger


  • Business Premium
  • Tuesday, 31 Oct 2017

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.

Article type: metered
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Business , Akzo Nobel , Axalta

   

Next In Business News

Bitcoin extends downtrend, falls 12.1% to US$47,176 Premium
Perodua targets to deliver 30,000 units in December Premium
CPO futures likely to trade higher next week Premium
Georgieva says examining all IMF research processes to ensure integrity Premium
Oil steadies, paring gains as rising COVID cases spur demand worries Premium
Omicron-fuelled volatility deals hedge funds worst monthly return since March 2020 Premium
US-listed Chinese shares take a hit as Didi to exit NYSE Premium
Didi shares plunge more than 20% on plan to delist from NYSE Premium
Wall St ends lower on Omicron worries, Fed taper angst Premium
Micro impact of new variant? Premium

Others Also Read


Vouchers