AkzoNobel and Kansai Paint announced have mutually agreed not to proceed with the company’s previously announced acquisition of Kansai’s paints and coatings activities in Africa.
Commenting on the decision, AkzoNobel CEO, Greg Poux-Guillaume, said, “It’s disappointing that this intended acquisition cannot move forward, but we remain committed to our strong businesses and leading brands in Africa. As AkzoNobel’s performance rebound gathers pace, we’ll remain focused on our key priorities, including the strengthening of our balance sheet, which will be accelerated.”
The two companies have agreed that no break-up fee will be involved.
Updated 12/1/2023 – 1 p.m. (EST) – Added sentence on no break-up fee.