AkzoNobel and Axalta offered remedies to address EU antitrust concerns over their $25 billion merger. The offer extends the European Commission’s deadline by 10 working days, to November.
AkzoNobel and Axalta submitted remedies on Thursday in an effort to secure European Union antitrust approval for their $25 billion merger, a European Commission filing showed. The offer automatically extended the Commission’s deadline by 10 working days, to November; the Commission did not detail the concessions.
Sources said last week that the companies would offer to sell AkzoNobel’s vehicle refinish business to address competition concerns and expect EU clearance at the end of the preliminary review. The Commission is expected to seek feedback from rivals and customers before deciding whether to approve the deal, demand more concessions or open a full-scale investigation.
Axalta exclusively makes coatings and has a strong presence in the U.S. market. Other companies competing with AkzoNobel and Axalta include BASF’s coatings business, Nippon Paint, Sherwin-Williams and Kansai Nerolac.
