AkzoNobel, Axalta set to win EU antitrust nod for $25 billion deal, sources say
AXTA•AkzoNobel and Axalta are set to win EU antitrust approval for their $25 billion merger after pledging to sell AkzoNobel’s vehicle refinish business, people familiar with the matter said.
1. Sale pledge addresses concerns
The companies met with the EU competition watchdog on Wednesday to discuss the deal and possible remedies. They plan to submit their offer next week, extending the Commission’s October 22 deadline by 10 working days. The regulator is expected to clear the merger after its preliminary review, the people said.
2. Vehicle refinish business remains
The companies have resolved earlier concerns about overlaps in powder coatings, leaving AkzoNobel’s vehicle refinish business as the only issue to address, the people said.
