A PYMNTS Company

Mexico: Comex finds a buyer after Sherwin-Williams fail

By  |  July 1, 2014

US chemical companies PPG Industries announced Monday it reached a deal to acquire Mexican paint company Comex, a $2.3 billion acquisition that follows a recent failure by US competitor Sherwin-Williams to purchase the Mexican firm.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    According to reports, PPG Industries will fund the majority of the transaction through cash and investments, but said it could fund some of it with debt. While the deal remains subject to regulatory clearance, PPG said it is confident the deal will secure approval.

    Mexico’s federal competition authority twice rejected Sherwin-Williams’ attempts to acquire Comex after finding the deal would likely lead to an anticompetitive market. Sherwin-Williams had looked to purchase the company for $2.34 billion.

    Comex has since signaled that it will sue the US firm on claims it did not make enough effort to fulfill the merger agreement struck between the two.

    Full content: Reuters

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.