The merger cannot close until the Commission approves a buyer, which must already be active in coatings or a related industry.
The European Commission has approved the all-stock merger of equals between AkzoNobel N.V. and Axalta Coating Systems Ltd. on the condition that AkzoNobel sell its European vehicle refinish business, the companies announced Nov. 6. The Commission said the buyer must already supply coatings or be an industrial company in a related industry, and that the companies cannot complete the merger until the Commission approves the purchaser.
The Commission found that the four largest vehicle refinish coatings suppliers account for
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