International. Paint and coatings manufacturer AkzoNobel announced that it has ended talks with Philadelphia-based Axalta Coating Systems.
In response to market speculation, the company confirmed on October 30, 2017 that it was in talks with Axalta about a possible merger of AkzoNobel Paints and Coatings with Axalta. In the latest announcement, AkzoNobel stated that the two companies had ended their discussions without a deal.
In addition, AkzoNobel explained that the separation of the AkzoNobel Specialty Chemicals business and the return of the vast majority of net income to shareholders is still ongoing.
Thierry Vanlancker, CEO of AkzoNobel, said: "I am confident that our strategy delivers significant value for shareholders and other stakeholders in the short, medium and long term. We remain focused on our strategic options to further develop our business and improve profitability in the future."
Charles W. Shaver, President of Axalta, said, "After seeking a potential combination of Axalta and Akzo, we concluded that we could not negotiate a transaction on terms that meet our criteria. Any transaction we ultimately accept needs to generate superior long-term value for Axalta shareholders compared to the continued execution of our strategic plan."
