Axalta and AkzoNobel decide to cancel the merger
Charles W. Shaver, chief executive officer of Axalta, has publicly stated that both companies have been negotiating for about two months. During this time, various conditions were agreed, but it was not possible to find suitable requirements for each company.
Two months ago, well-known companies Axalta and AkzoNobel publicly announced that they had begun negotiations to merge their companies on the same terms. In the event of a merger in the global paint and varnish market, a new company could have appeared, the price of which would be 30 billion US dollars.
It is worth noting that AkzoNobel in May of this year had an attempt to become part of the famous American concern. PPG offered Dutch competitors 26.9 billion euros, but they did not agree to such conditions.
Axalta is currently in talks with the Japanese Nippon Paint. Before negotiations, the American company emphasized that it would only enter into a deal if the conditions met all Axalta requirements.
