(Reuters) -Dulux paint maker Akzo Nobel NV is in talks to merge with paintmaker Axalta Coating Systems, Bloomberg News reported on Monday, citing sources familiar with the matter. Shares of Axalta were up 14% in after-market trading. The companies could announce the combination as early as Tuesday, the report said, without disclosing the deal value. […]
Business
Akzo Nobel in talks to merge with Axalta Coating, Bloomberg News reports
Audio By Carbonatix
(Reuters) -Dulux paint maker Akzo Nobel NV is in talks to merge with paintmaker Axalta Coating Systems, Bloomberg News reported on Monday, citing sources familiar with the matter.
Shares of Axalta were up 14% in after-market trading.
The companies could announce the combination as early as Tuesday, the report said, without disclosing the deal value.
Akzo Nobel and Axalta did not immediately respond to Reuters’ requests for comments.
Axalta Coating Systems, which has a market value of about $6 billion as of Monday’s close, offers liquid and powder coatings designed for automotive, industrial and commercial applications.
The company went public in November 2014 at a valuation of roughly $4.5 billion, one year after the Carlyle Group acquired it from DuPont.
Axalta’s current valuation represents a 33.3% increase over the past 11 years.
(Reporting by Pranav Mathur in Bengaluru; Editing by Alan Barona)