A PYMNTS Company

UK: AkzoNobel said to have approached US rival over tie-up

By  |  October 29, 2017

Citing anonymous sources, Reuters reported Friday, October 27, that AkzoNobel has asked Axalta about the possibility of a merger.

    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.

    It cited one of the sources to report “Axalta is in the early stages of considering a deal with Akzo Nobel, and there is no certainty that the two companies will agree to a merger.”

    Axalta closed Thursday, October 26, at US$28.34, which gives it a market cap of US$6.9 billion, according to Bloomberg Markets. AkzoNobel closed Thursday at US$90.20 at for a market cap of US$22.73 billion.

    AkzoNobel on October 18 reported that its automotive and specialty coatings segment within its performance coatings group saw revenue grow 1% in the third quarter. That subsector posted US$431.61 million, up from US$428.13 million between July and September 2016. The company’s auto refinishing brands include Sikkens, Dynacoat, Lesonal and Wanda.

    “Growth was visible in most regions for Vehicle Refinishes and Specialty Coatings,” the company wrote. On the whole, the company’s performance coatings group’s revenue was up 2%, though some of this growth stemmed from the company having bought BASF’s industrial coatings business.

    Full Content: Reuters

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