The Netherlands: No Merger After All Akzo Nobel and Axalta Cancel Potential Merger
Akzo Nobel announced that the merger talks with Axalta, which the company confirmed on October 30, 2017, ended without agreement. Meanwhile, Reuters reports that Nippon Paint Holdings made an all-cash offer on Tuesday to acquire Axalta Coating Systems.
Amsterdam/The Netherlands — According to Reuters, Nippon Paint confirmed it has made “a proposal” to Axalta but declined to give details, adding there is no assurance the two will reach any agreement.
Following the end of the merger talks, Akzo Nobel said in a statement that it would continue to focus on its strategy of accelerating sustainable growth and profitability through the creation of two focused, high-performing businesses.
Thierry Vanlancker, CEO of Akzo Nobel, said: "I am confident that our strategy offers significant value for shareholders and other stakeholders in the short, medium and long term. We remain focused on our strategic options to continue to develop our business and improve profitability in the future."