AkzoNobel and Kansai Paint agree not to proceed with transaction
AkzoNobel and Kansai Paint have mutually agreed not to proceed with the company’s intended acquisition of Kansai’s paints and coatings activities in Africa.
Commenting on the decision, AkzoNobel CEO, Greg Poux-Guillaume, says: “It’s disappointing that this intended acquisition cannot move forward, but we remain committed to our strong businesses and leading brands in Africa. As AkzoNobel’s performance rebound gathers pace, we’ll remain focused on our key priorities, including the strengthening of our balance sheet, which will be accelerated.”
The two companies have agreed that no break-up fee will be involved.
AkzoNobel is a supplier of sustainable and innovative paints and coatings that it says its customers, communities – and the environment – are increasingly relying on.
Its portfolio of brands – including Dulux, International, Sikkens and Interpon – is trusted by customers around the globe. AkzoNobel is active in more than 150 countries.