Essential reading for retailers and suppliers in the home improvement market

BREAKING NEWS: Akzo and Axalta merger off the table

Published: 21 November 2017 - Fiona Garcia
 

Dutch coatings firm Akzo Nobel has confirmed today that it has ended discussions with Axalta.

On October 30, Akzo responded to speculation in the market and confirmed it was in “constructive discussions” regarding a potential merger of the Akzo Nobel Paints and Coatings business with US firm, Axalta.

Today, the Dulux parent group announced that the two companies had “ended their discussions without agreement”. 

It has been reported by Reuters that the merger talks were called off when an all-cash offer was made by Japan’s Nippon Paint Holdings Co Ltd to acquire Axalta Coating Systems Ltd today. This has not been confirmed by either of the parties involved.

kzo explained that it continues to focus on its strategy of “accelerating sustainable growth and profitability through the creation of two focused, high-performing businesses and remains committed to its 2020 financial guidance (15% ROS and >25% ROI).”

The separation of the AkzoNobel Specialty Chemicals business and return of the vast majority of the net proceeds to shareholders is also said to “remain on track”.

The announcement follows the high-profile takeover attempt by US rival PPG Industries, during which Akzo rebuffed several offers, much to the dismay of certain shareholders.

Akzo Nobel CEO Thierry Vanlancker said of today’s announcement: "I am confident that our strategy offers significant value for shareholders and other stakeholders in the short, medium and long term. We remain focused on our strategic options to continue to develop our business and improve profitability in the future."

 

Source: 

Comments


(Your email address will not be published)
Already Registered?
Sign In
Not Yet Registered?
Register
Printable View E-mail Bookmark
*

What do you think?


Do you know enough about the General Data Protection Regulation (GDPR) and what your business needs to do to comply?



Latest reader comments

re: Bunnings Warehouse opens biggest store yet in Greater Manchester

Vicky Huck
Visited the new Sandbrook store yesterday,never before have i come across such friendly and helpful staff,one lady came rushing around the ...

re: Hardware store wins fight against music licence body

Ron Edwards
You might be interested to know that music released before 31 December 1962 is now public domain and does not require a PPL licence. You ...

re: Toolstation.com excels in Which? website survey

Mr Ron Diggle
Unfortunatly I cannot remember the young ladies name who served me, but she was very polite and efficient with a lovely smile, it was a ...

re: Recalls for fire- and shock-risk heater and adaptors

Gary
Thjis was still on sale in Home Bargains in January in 2018....

re: B&Q flowering plants to be grown free of bee-killing pesticides

Paula Olde-Wolbers
Dear Miss Bradley,You state that none of the flowering plants you sell will be grown using any pesticide containing any of the nine ...

Most read stories

Jobs Board

Area Sales Manager - South

South

Generous OTE + Car + Bonus + Benefits

DK Tools Ltd is looking to appoint an Area Sales Manager to join their progressive team in the fi...

Apply