Mexico. The Federal Competition Commission (CFC) rejected the negotiation in which the American paint manufacturer Sherwin Williams intended to buy its Mexican counterpart Comex.
The CFC argued this decision indicating that the negotiation would present a kind of monopoly that no other competitor could counteract, since this agreement would mean a market share of both companies of between 48 and 58% in Mexico.
After the news, the president of Sherwin Williams reacted by indicating that he disagrees with the decision, but that he will work to correctly respond to the CFC's questions and thus get the negotiation to take place.
Comex has about 3,300 stores in Mexico managed by dealers, while Sherwin Williams provides about 135 stores in the same country. Last November, they reached an agreement for Americans to buy Mexicans for about $2.34 billion, including debt.
