Mexico. The Federal Economic Competition Commission (CFCE) approved the negotiation for the American paint manufacturer PPG Industries to acquire the Comex Consortium, after the previous agreement announced on June 30.
The amount of the transaction is valued at $2.3 billion. "We are pleased to have received the necessary approval from the Government for the acquisition of Comex and expect the transaction to take place in the coming days," said Charles E. Bunch, CHIEF Executive Officer and President of paint and coating supplier PPG.
The U.S. company, listed on the New York Stock Exchange, expects this trading to mean a growth of 65 to 70 cents of earnings per share in 2015, and a synergy of up to US $ 40 million for a period of two years.
This agreement comes after Sherwin Williams terminated the purchase agreement made in 2012, because the CFCE did not accept the agreement arguing monopoly. PPG made a profit of $15.1 billion in 2013, while Comex had sales of $1 billion during that same year.
