Axalta, AkzoNobel announce upcoming merger meeting

The U.S. Securities and Exchange Commission (SEC) has declared effective the registration statement on Form F-4 filed by Akzo Nobel N.V. in connection with the proposed all-share merger of equals between it and Axalta.

Axalta has filed a definitive proxy statement and has scheduled a special meeting of stockholders to be held at 9 a.m. on Aug. 5.

“Completion of the merger remains subject to approval by Axalta and AkzoNobel shareholders, receipt of required regulatory approvals, and other customary closing conditions,” a press release states. “Subject to satisfaction of those conditions, completion of the Merger is expected to occur at the end of 2026 or beginning of 2027.”

The release also states that “any decision to purchase, subscribe for, otherwise acquire, sell, or otherwise dispose of any securities must be made only on the basis of the information contained in and incorporated by reference into the prospectus with respect to the shares to be allotted by AkzoNobel in the proposed transaction, which was published on June 24.”

In May, Axalta leadership provided an update to investors on the pending merger of equals with AkzoNobel.

“The transaction continues to progress very well, and we remain firmly on track with all of our key strategic work streams,” said Carl Anderson, senior vice president and chief financial officer. “Both teams are highly aligned and are working together seamlessly as we prepare for the shareholder vote, regulatory approvals, and day one readiness.

“A critical pillar of this combination is the substantial synergy opportunity we have identified. We remain confident in our ability to deliver $600 million in annual run rate synergies.”

He added that integration planning between both companies was “well underway” with dedicated teams established “to identify and accelerate these synergies, designed to capture value quickly and deliver a seamless transition at close.”

Regulatory filings were already underway at the time as well, including in the U.S. and the EU, and were progressing as planned, Anderson said.

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