The U.K. Competition and Markets Authority (CMA) has formally launched its phase 1 merger inquiry into the proposed combination of Akzo Nobel N.V. and Axalta Coating Systems Ltd., setting a Nov. 11 deadline to decide whether to refer the roughly $25 billion all-stock deal for an in-depth phase 2 investigation.
The CMA launched the inquiry Sept. 16 by notice to the companies after finding that the merger notice they filed meets the requirements of the Enterprise Act 2002. The initial review period began Sept. 17, the first working day after the notice. The agency said it will seek to complete
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