AkzoNobel and Axalta ended their merger discussions without agreement.
AkzoNobel confirmed on Oct. 30 that it was in constructive discussions regarding a potential merger of the AkzoNobel Paints and Coatings business with Axalta. Those talks have since been tabled, according to the companies.
AkzoNobel continues to focus on its strategy of accelerating sustainable growth and profitability through the creation of two focused, high-performing businesses and remains committed to its 2020 financial guidance (15-percent ROS and >25-percent ROI).
"I am confident that our strategy offers significant value for shareholders and other stakeholders in the short, medium and long term. We remain focused on our strategic options to continue to develop our business and improve profitability in the future,” said Thierry Vanlancker, CEO of AkzoNobel.
The separation of the AkzoNobel Specialty Chemicals business and return of the vast majority of the net proceeds to shareholders remain on track, according to the company.