Conditional EU antitrust approval expected for AkzoNobel, Axalta deal
AXTA•AkzoNobel and Axalta are expected to win EU antitrust approval for their $25 billion merger if Axalta sells its vehicle refinish business. The companies plan to submit an offer next week, extending the European Commission’s October 22 deadline by 10 working days.
1. Approval and proposed remedy
AkzoNobel and Axalta are expected to secure EU antitrust approval for their $25 billion merger by pledging to sell Axalta’s vehicle refinish business, people familiar with the matter said. The companies met with the European Commission on Wednesday to discuss the deal and possible remedies, and plan to submit their offer next week.
2. Competition concerns
The offer would extend the Commission’s October 22 deadline by 10 working days. Earlier concerns about overlap in powder coatings have been resolved, leaving the vehicle refinish business as the remaining issue, the people said. The Commission, AkzoNobel and Axalta declined to comment.
