AkzoNobel and Axalta Coating Systems have offered remedies to the European Commission in an effort to secure EU antitrust approval for their roughly US$25bn merger, according to a Commission filing published on 16 October.
Deal terms and financing
The deal is an all-share merger of equals. The combined company is to be named Axanzo N.V. and trade under the ticker AXZ in Amsterdam and New York. AkzoNobel has called an extraordinary general meeting for 30 November to vote on related proposals, including board appointments.
Regulatory approvals and timing
The commitments were submitted on 15 October, which automatically extends the Commission's preliminary review by ten working days; the provisional deadline is now 6 November. The Commission has not published the remedies. Reuters, citing people familiar with the matter, said they are expected to include the sale of AkzoNobel's vehicle refinish business. The Commission will consult customers and competitors before deciding whether to clear the deal, seek further changes or open an in-depth probe.
Market context
Rivals in coatings include BASF's coatings business, Nippon Paint, Sherwin-Williams and Kansai Nerolac. The companies expect the merger to close in early 2027, subject to regulatory approvals.
