Akzo Nobel confirmed it is currently in discussions regarding a merger of the Akzo Nobel Paints & Coatings business with Axalta.
Amsterdam/The Netherlands — The potential merger between both companies would create a leading global paints & coatings company. In a statement, the company said, that the sought outcome of the talks was a merger of equals.
The speciality chemicals producer also confirmed that its separation of Specialty Chemicals, including the return of the vast majority of net proceeds to shareholders, would remain on track for April 2018 and was unaffected by these discussions.
In a separate statement Axalta also confirmed that it is engaged in discussions with its Dutch rival regarding a potential merger of equals transaction between Axalta and Akzo’s Paints & Coatings business. The company stated that it would pursue such a transaction only if its Board of Directors determines that it is in the best interest of the company to do so, adding that there can be no assurances that a definitive agreement between the parties will be reached or on what terms.