Akzo Confirms Merger Talks With Axalta; We Have Doubts Akzo Shareholders Will Benefit
On the morning of Oct. 30, AkzoNobel confirmed reports that it was in merger talks with Axalta Coating Systems. Axalta shares spiked 18% to $33.15 from $28.15 on Oct. 27 after the rumor hit the newswire. In its press release, Akzo described the talks as “constructive,†although media reports say the process is in the early stages. We will retain our no-moat rating and EUR 64 fair value estimate for Akzo unless a formal agreement is reached. At current levels, Akzo shares look overvalued.We don...
Akzo Nobel N.V. is a holding company. Through its subsidiaries, Co. is engaged in the production and marketing of paints, coatings and specialty chemicals. Co. has three segments: Decorative Paints, which supplies products for the professional and do-it-yourself markets, including paints, lacquers and varnishes, as well as products for surface preparation; Performance Coatings, which is divided into the following businesses: Automotive and Aerospace Coatings, Industrial Coatings, Marine and Protective Coatings, and Powder Coatings; and Specialty Chemicals, which are used in products such as ice cream, soups, disinfectants, plastics, soaps, detergents, cosmetics, paper and asphalt.
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