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UK watchdog calls for views on AkzoNobel-Axalta tie-up
(Sharecast News) - The competition watchdog is to assess the proposed merger between Dulux-owner AkzoNobel and US paint maker Axalta Coating Systems, it was confirmed on Thursday. The Competition and Markets Authority has issued a preliminary "invitation to comment", which allows any interested parties to submit views on what impact a tie-up could have on competition in the UK. The CMA has not, however, launched a formal investigation into the deal, and is at this stage just gathering information.
The blockbuster deal was first announced in November. Should it get the green light from regulators, it will create a combined company with an enterprise value of around $25bn and annual revenues of around $17bn. The merged entity will initially be dual-listed in Amsterdam and New York before moving to a single Wall Street listing. It will, however, maintain dual headquarters in Amsterdam and Philadelphia.
Completion is currently slated for between late 2026 and early 2027.
Interested parties have until 1 May to respond to the CMA.
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