Axalta And AkzoNobel Confirm Merger Talks

(RTTNews) - Responding to market speculation, Axalta Coating Systems (AXTA) Monday confirmed that it is engaged in discussions with AkzoNobel (AKZOY.PK, AKZOY) regarding a potential merger of equals transaction between Axalta and Akzo's Paints & Coatings business.

Axalta noted that it 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.

Separately, AkzoNobel confirmed it is currently in constructive discussions regarding a merger of the AkzoNobel Paints & Coatings business with Axalta.

AkzoNobel also confirmed that its separation of Specialty Chemicals, including the return of the vast majority of net proceeds to shareholders, remains on track for April 2018 and is unaffected by these discussions.