Mexico. Comex, headed by CEO Marcos Achar Levy, expressed his concern and dissatisfaction about the decision of the Federal Competition Commission (CFC) to reject the negotiation in which Sherwin Williams would buy the Mexican firm.
The executive assured the media cnnexpansion.com that the CFC based its decision on estimates, which indicate that the acquisition would generate a monopoly of 58% of the architectural and decorative paintings sector.
"We do not estimate that together we will reach that market share that the CFC says. We delivered a lot of information, more than 20,000 documents and apart from that they asked the market for information, and the data they took is only estimated because there is no precise data, so they estimate that this is what would happen, but it is not something verifiable, "said Achar Levy to the international media.
For Comex, its market in question does not exceed 40% of national participation. "Yes we are an important player, it is true. It is also true that we are very good at what we do (...) but that does not imply that we are dominant, nor that we could become a player with such a weight that we would change the dynamics of the market, "explained the businessman.
Sherwin Williams, since July 18, has 30 days to file his appeal for reconsideration with the CFC, and in case the decision does not change, Marcos Achar Levy comments that there is a possibility of using the divestment resources to achieve the purchase.
"We believe that there should be no divestment ... destroying or dividing Comex would cause a major setback. At this moment I would not know what I would disincorporate, something we would have to do to offer this type of remedies that are sought, it would be a shame, but we would have to do it at the time, "explains the manager.
