Our Standards: The Thomson Reuters Trust Principles. Thank you for subscribing, your information has been submitted successfully. Akzo Nobel NV and U.S. rival Axalta Coating Systems Ltd. confirmed Monday they are in talks to join forces in a merger of equals that would create a multibillion-dollar coating and paints giant. The Dutch company said Monday it’s in “constructive discussions” regarding a merger of equals with Axalta Coating Systems Ltd. to create a leading global paints and coatings maker. Axalta Coating Systems Ltd. is in merger discussions with AkzoNobel, a painting and coatings company based in Amsterdam with a presence in … Axalta Coating Systems Investors Christopher Mecray, +1-215-255-7970 Christopher.Mecray@axaltacs.com or Media Robert Ferris, +1-215-255-7981 Rob.Ferris@axaltacs.com Site Navigation Home Now Akzo and Axalta face that challenge as separate companies at a time of rising raw material costs and sluggish demand. Axalta Coating Systems Ltd. got hit hard by the coronavirus selloff, but has since recovered quite a bit of lost ground. (RTTNews) - Responding to market speculation, Axalta Coating Systems (AXTA) Monday confirmed that it is engaged in discussions with AkzoNobel (AKZOY.PK, AKZOY) regarding a potential merger … It was not clear how far the negotiations with Nippon Paint would progress, and Axalta could also choose to engage in deal talks with other interested parties, the second source said. Meanwhile, Axalta posted a 20% drop in adjusted net income in the same period, amid lower volumes in North America. By clicking submit, I agree to the Privacy Policy and Cookie Policy and I understand I will receive marketing communications from Dow Jones professional information products from which I may unsubscribe using the links provided. 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. The deal, valued at approximately $420 million in cash, comes in connection with the reviews by the Federal Trade Commission and Canadian Competition Bureau regarding … The deal would have created a multibillion-dollar paints and coatings giant. Please fill in the required field. “However, we would focus on how the firm plans to execute an all-cash buyout, which would demand considerable capital,” the Tokyo-based analyst said. Axalta Coating Systems is a coatings company headquartered in Philadelphia, PA and incorporated in Bermuda that develops and manufactures coatings for light and commercial vehicles, industrial, and refinish applications. Axalta, whose largest shareholder is Warren Buffett’s Berkshire Hathaway Inc, said it continued to pursue other “value-creating alternatives” although it did not disclose Nippon Paint’s role, if any, in the termination of the discussions. AKZONOBEL, AXALTA IN MERGER TALKS AkzoNobel and Axalta Coating Systems have confirmed they are in talks to merge into a $30-billion per year manufacturing entity. Based on Dutch takeover rules, PPG could return with a new offer as early as next month. Breaking the story Ben Dummett was first with the news that Akzo Nobel NV and U.S. rival Axalta Coating Systems were unable to agree on the terms of their structuring deal and subsequently ended merger talks, according to sources. Axalta Coating Systems, which belongs to the Zacks Chemical - Specialty industry, posted revenues of $1.11 billion for the quarter ended September 2019, missing the Zacks Consensus Estimate by 0.83%. for-phone-only for-tablet-portrait-up for-tablet-landscape-up for-desktop-up for-wide-desktop-up The news comes after AkzoNobel refused overtures … Mar 2018 – Present 2 years 5 months. In March, Nippon Paint acquired U.S. paint company Dunn-Edwards Corp for $608 million. Akzo Nobel’s new CEO, Thierry Vanlancker, said in a statement on Tuesday the company remained focused on the strategy developed under Buechner and Burgmans. Axalta recently reported its second-quarter numbers. Jun 2013 – Jan 2018 4 years 8 months. Axalta will pursue such a transaction only if its Board of Directors determines that it is in the best interest of Axalta to do so. Investor Relations Contact. The Dutch company said Monday it’s in “constructive discussions” regarding a merger of equals with Axalta Coating Systems Ltd. to create a leading global paints and coatings maker. Axalta has a market capitalization of $8.2 billion while Nippon Paint has a market capitalization of 1.2 trillion yen ($10.7 billion). Akzo Nobel NV and U.S. rival Axalta Coating Systems have abandoned their merger talks after failing to reach an agreement on terms around structuring the deal and other issues, according to a person familiar with the matter. Axalta provides coating solutions for commercial vehicles that are built to withstand even the harshest conditions. Akzo Nobel NV and Axalta Coating Systems Abandon Merger Talks – Source, Akzo and Axalta Fail to Agree Terms on Structuring Deal, Other Issues – Source, Akzo Nobel and Axalta Coating Systems Abandon Merger Talks. Industries ranging from automotive to mining use coatings to prevent corrosion and improve durability. Email * Each restricted stock unit represents a contingent right to receive one common share of Axalta Coating Systems Ltd. 9. Centerview Partners LLC acted as financial advisor to Axalta. 16K likes. Axalta Coating Systems Ltd (NYSE: AXTA) shares were rising Wednesday on above-average volume after the company announced its intention to explore strategic options.. What Happened. 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