Conditional EU antitrust approval expected for AkzoNobel, Axalta deal, sources say
AXTA•AkzoNobel and Axalta are expected to win EU antitrust approval for their $25 billion merger by offering to sell AkzoNobel’s vehicle refinish business, people familiar with the matter said.
1. Proposed remedy
The companies are expected to offer to sell AkzoNobel’s vehicle refinish business to address EU competition concerns over their $25 billion merger, people familiar with the matter said. They met with the EU watchdog on Wednesday and plan to submit their offer next week.
2. Review timeline
Submitting the offer would extend the European Commission’s October 22 deadline by 10 working days. The people said earlier concerns about overlaps in powder coatings had been resolved, leaving the vehicle refinish business as the only issue to address.
