International. Following the completion of talks with AkzoNobel in which they failed to reach a merger agreement between equals, the American manufacturer of paints and coatings, Axalta, confirmed that it is now starting negotiations with Japanese manufacturer Nippon Paint.
"Axalta confirmed that it is in discussions with Nippon Paint about a potential acquisition of Axalta. Axalta will conduct such transaction only if its Board of Directors determines that it is in Axalta's best interest to do so. There can be no guarantees that a definitive agreement will be reached between the parties or on what terms," Axalta said in a statement.
Sources say Nippon Paint, recognized as the top paint supplier in japan, made the offer in cash at a premium to Monday's closing level of Axalta shares at $33.54.
The source also pointed out that Nippon Paint's offer could have caused the end of the talks between AkzoNobel and Axalta, which had been confirmed by both protagonists a couple of weeks ago.
