Axalta Confirms Acquisition Talks With Japan's Nippon Paint

(RTTNews) - Axalta Coating Systems (AXTA), which recently ended talks for a potential deal with AkzoNobel, on Wednesday confirmed that it is engaged in discussions with Japan's Nippon Paint regarding a potential acquisition of Axalta.

In pre-market activity, Axalta shares were gaining around 6.3 percent to trade at $36.

In a statement, Axalta said 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, the company noted.

On Tuesday, Axalta confirmed that talks with AkzoNobel regarding a potential merger of equals transaction between Axalta and Akzo's Paints and Coatings business have ended as the companies were unable to reach mutually agreeable terms. Axalta said it continues to pursue other value-creating alternatives.

In Japan, Nippon Paint shares declined 4.5 percent on Wednesday and settled at 3,535 yen.