AkzoNobel confirms talks with Axalta about coatings merger

AP News
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Posted: Oct 30, 2017 4:40 AM

THE HAGUE, Netherlands (AP) — Dutch chemicals and paints maker AkzoNobel is in "constructive" talks about a possible merger of its Paints and Coatings business with U.S.-based Axalta.

The two companies issued statements Monday confirming the talks about a possible "merger of equals."

Philadelphia-based Axalta said in a statement that the company "will pursue such a transaction only if its Board of Directors determines that it is in the best interest of Axalta to do so. There can be no assurances that a definitive agreement between the parties will be reached or on what terms."

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Earlier this year, AkzoNobel rejected repeated takeover bids by American rival PPG Industries, the last offer worth $28.8 billion, saying they weren't in the interests of shareholders.