AkzoNobel and Axalta Shareholders Approve $25 Billion Merger of Equals

Shareholders of Akzo Nobel N.V. and Axalta Coating Systems Ltd. voted today to approve the companies’ roughly $25 billion all-stock merger of equals, clearing the last shareholder condition on a transaction that would create the world’s No. 2 coatings company.

The combination would unite two of the largest suppliers of automotive refinish coatings to the global collision repair industry, pairing Axalta’s Cromax, Standox, Spies-Hecker and Nason brands with AkzoNobel’s Sikkens, Lesonal and Wanda lines. Axalta counts about 95,000 refinish customers, 90% of them small businesses, and supplies roughly 13 of the 20 largest multiple-shop operators in North America.

Completion remains