AkzoNobel confirms ongoing talks with Axalta

AkzoNobel today confirmed in a press release it has talks underway with competitor Axalta Coating, aimed at a merger of equals between the two coating giants. The merger would result in lower prices for raw materials, which would generate significant synergies, and would allow the companies to join their workforce, and consequently to reduce the staff. AkzoNobel, ranking second in the cancer treatment business, has a $22.6bn market share, while Axalta’s share is $8.1bn. Dutch daily Het Financieele Dagblad published an interview to AkzoNobel CEO Thierry Vanlancker, who said that the group is also considering acquisition candidates with revenues of few hundred million dollars (Sources: AkzoNobel, Het Financieele Dagblad)