AkzoNobel Confirms $30 Billion Axalta Merger Talks

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AkzoNobel Confirms $30 Billion Axalta Merger Talks

AkzoNobel has confirmed it is in talks with US rival Axalta regarding a potential $30 billion merger.

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The Dutch company, which makes paint brands such as Dulux, has also said that the discussions would not affect the spinoff of its specialty chemicals unit. The sale of the arm—which could reportedly be valued at up to €9 billion—is on track to be completed by April, with the majority of the proceeds earmarked for company shareholders.

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AkzoNobel drew criticism from institutional shareholders earlier this year after refusing to negotiate with PPG Industries following the US company's $29 billion takeover bid.

During that battle, activist investor Elliott Management unsuccessfully tried to oust the company’s chairman and push through the tie-up. Dutch takeover laws now prevent PPG from launching another attempt until December.

Axalta, which specialises in car and auto refinish paints, was sold by DuPont to The Carlyle Group in 2013, which listed the business a year later.

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