Dutch speciality chemicals AkzoNobel NV has confirmed that it is currently in talks with the US firm Axalta Coating Systems over the merger of its Paints & Coatings business.
The company said on 30 Oct that it was holding “constructive discussions” regarding the merger with Axalta, which it said would create a “leading global paints & coatings company through a merger of equals.”
Additionally, AkzoNobel confirmed that its separation of Specialty Chemicals unit, which it announced earlier this year, will remain on track for April 2018 unaffected by these discussions.
In April AkzoNobel outlined a new strategy which would see its Specialty Chemicals unit separated into a new business unit and divested within 12 months.
The Dutch chemicals company said the new strategy aimed to “accelerate growth and value creation” and will involve the creation of two “focused, high-performing businesses - Paints & Coatings and Specialty Chemicals.”
The restructuring came amid repeated bids by US rival PPG Industries to take over AkzoNobel, which were all turned down by the company.