Akzo Nobel NV and U.S. rival Axalta Coating Systems have abandoned their merger talks after failing to reach an agreement on terms around structuring the deal and other issues, according to a person familiar with the matter. Valuations also have held up, with deal multiples averaging about 11 to 12 times earnings, the deal advisory firm said. As of July 18, it had 233,263,277 outstanding shares for a market cap of $7.28 billion. Overview, Human Rights That purchase was funded mainly with debt. Axalta, led by President and Chief Executive Officer Robert Bryant, has been a takeover target for years. Axalta rose 10% this year through Tuesday, while a Russell 1000 materials index climbed 15%. The supplier of spray paint and metal treatments for automotive chassis is testing the waters amid a healthy appetite for deals in the sector. Overview, Training Centers By Ben Dummett . Overview, Career Search Commenting on the strategic review with earnings, Axalta Coating Systems (NYSE: AXTA) said it remains ongoing. Overview, Technology New Virus Strain’s Transmissibility to Cause More Deaths: Study, Cyberpunk Maker CD Projekt Sued by Investor Over Botched Launch, Musk Says It’s ‘Impossible’ to Take Tesla Private, Mulls New IPO, The North Carolina Kid Who Cracked YouTube’s Secret Code, N.Y. A special committee also will look at changes in capital allocation and how the company is executing its strategic plan, the maker of automotive coatings said in a statement Wednesday. Axalta has pursued its own program of acquisitions over the last several years as a means of expanding its market share. Dow Jones News (EU:NL0000009132-EUR) Historical Stock Chart. NL0000009132-EUR Akzo Nobel, Axalta Coating Abandon Merger Talks -- Update. After walking away from its nearly €27 billion offer in June, over massive opposition from Amsterdam, PPG could come back in December. The company also produces coatings for industrial applications, and boasts 10 different brands in its product line.Axalta saw both hard times and a strong rebound in 2020. Axalta rose 10% this year through Tuesday, while a Russell 1000 materials index climbed 15%. Overview, Customers Automotive-coatings maker has been frequent takeover target, Strategic study comes amid busy merger activity in chemicals. Have a confidential tip for our reporters? Sold by DuPont in 2013, Philadelphia-based Axalta was overhauled under the ownership of Carlyle Group, which installed industry veteran Charlie Shaver as CEO. Overview, Customer Sustainability Overview, Leadership Overview, Corporate Social Responsibility Overview, Annual Reports Get the latest Axalta Coating Systems Ltd. (AXTA) stock news and headlines to help you in your trading and investing decisions. Overview, Awards Market Stories. Kriz: Axalta will likely remain an acquisition target as industry consolidation continues. He valued the company at 15 times earnings, using Sherwin-Williams Co.’s 2017 purchase of Valspar Corp. as a guide. Updates with possible valuation in sixth paragraph. This article is being republished as part of our daily reproduction of WSJ.com articles that also appeared in the U.S. print edition of The Wall Street Journal (November 22, 2017). Overview, Working with Suppliers Akzo Nobel Nv (EU:AKZA-EUR) Historical Stock Chart. HOME MARKET TRADE PRICING DOWNLOAD HELP. "Which brings me, again, to the other reason I love spinoffs: They can make very attractive takeover targets," Cramer said. Webull offers AXTA stock news, real time Axalta news help you invest smart. Overview, Color 2 position globally. Overview, RSS Feeds Dulux owner AkzoNobel has confirmed it is in talks over a potential merger with US firm Axalta, just months after rejecting a multibillion-pound takeover bid by US rival PPG Industries. 22/11/2017 8:02am Dow Jones News. Overview, Powder Coatings Axalta Coating price target raised to $30 from $26 at Deutsche Bank 10/20/20 Morgan Stanley Axalta Coating price target raised to $27 from $23 at Morgan Stanley 10/14/20 Fly Intel: Top five analyst upgrades 10/14/20 Goldman Sachs Axalta Coating upgraded to Conviction Buy from Buy at Goldman Sachs. Shares in Axalta soared nearly 22 percent on the news and were last up 18 percent at $33.27 in early afternoon trading, giving the company a market capitalisation of $8.1 billion. LOG IN. “There is still a positive valuation and financing environment.”. By Ben Dummett . Overview, Supplier Contacts Axalta’s stock sat at $31.23 as of early Wednesday afternoon. Nov 19, 2020. Overview, Liquid Coatings Axalta Coating Systems announces Jeremy Rohen to lead Strategy and Business Development. US coatings specialist Axalta has agreed to buy Valspar’s North American industrial wood coatings business for $420 million in cash, a move that should appease regulators scrutinizing Sherwin-Williams’ acquisition of Valspar.. Evercore and Barclays are advising the company, with Morrison & Foerster LLP serving as legal counsel. Overview, Values Basically, Axalta, a new entity (backed by Carlyle) purchased the business from Dupont for approximately $4.9 billion prior to the IPO in 2013. When Carlyle exited three years ago, it was the private equity firm’s best returning investment for 28 years. In past months, AkzoNobel has been fighting an increasingly bitter takeover bid by another US rival, Pittsburgh-based PPG, which would have valued the Dutch company at 26.9 billion Euros ($32.4 billion ). In financial markets, the consensus seemed to be that the Akzo-Axalta talks had been aimed at distracting another US coatings producer, PPG, from launching second takeover bid. Overview, SEC Filings Activist investor Jana Partners took a stake and … The company made no assurance regarding the outcome or timing of the review, and said it would make no further public comments until the evaluation complete. Overview, News Releases Nov 30, 2020. Axalta renews its partnership with WorldSkills Australia. News. Overview, Interactive Analyst Center Carlyle then listed Axalta and exited the investment in 2016, selling its stake at $28.25 a share. Axalta Coating Systems today announced that its Board of Directors has initiated a comprehensive review of strategic alternatives to maximize shareholder value. A high-level overview of Axalta Coating Systems Ltd. (AXTA) stock. There’s been no respite in the historically high levels of chemical mergers this year, despite volatile share prices and a slowdown in end markets, such as electronics and cars, according to a June report by Valence Group. Overview, Stock Chart Overview, University Relations Axalta Coating Systems (AXTA) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank 1 (Strong … Axalta long has been on the radar of large coatings companies, including PPG Industries Inc., Akzo Nobel NV and Nippon Paint Holdings Co. With a market value of $6 billion, Axalta’s size could move the needle for a large player with fewer complications and antitrust hurdles that might accompany a merger of equals. Monthly Cases Hit High; New Strain in Germany: Virus Update. Overview, History Axalta Coating Systems Ltd (NYSE: AXTA) has been in the news due to takeover interest from multiple parties, including Akzo Nobel N.V. (ADR) (OTC: AKZOY) and … Axalta shares popped 22 percent on the news, even as the company had just reported a sub-par quarter. NL0000009132-EUR Akzo Nobel, Axalta Confirm Merger Talks -- Update . Dow Jones News By Ben Dummett Akzo Nobel NV and U.S. rival Axalta Coating Systems Ltd. confirmed Monday they are in talks to join forces in a merger of equals that would create a multibillion-dollar coating and paints giant. Management is open to a potential sale, and the company has been subject to continual takeover speculation. Before it's here, it's on the Bloomberg Terminal. Bloomberg News reported Axalta is the world's leading maker of auto finish paints and the deal would have combined the two companies "with a market value of about $30 billion". Overview, Axalta continues automotive color leadership with 68th Global Automotive Color Popularity Report, Axalta receives 2019 Masters of Quality supplier award from Daimler Truck, Axalta Coating Systems announces Shelley Bausch to lead Global Industrial Coatings business, Axalta Coating Systems announces Jeremy Rohen to lead Strategy and Business Development, Axalta renews its partnership with WorldSkills Australia, Axalta congratulates the Mercedes-AMG Petronas Formula One Team and Lewis #HAMIL7ON on making #HIS7ORY, Axalta’s powder technologies coat one of the largest tunnels in Latin America, Axalta announces new partnership with Master Paints in Pakistan, Axalta Commences Notes Offering and Announces Expected Conditional Full Redemption of 4.875% Senior Notes due 2024 and 4.250% Senior Notes due 2024. Axalta Coating Systems Ltd. surged the most in more than a year as the frequent takeover target backed by Warren Buffett’s Berkshire Hathaway Inc. put itself up for sale under a review of strategic options. 3 Years : From Jan 2017 to Jan 2020. 3 Years : From Dec 2016 to Dec 2019. Overview, Sustainable Operations Axalta is not responsible for content you are about to view, - White remains top vehicle color globally; automakers produced 81% of vehicles in neutral shades of white, black, gray and silver, 2019 award marks Axalta's 21st win, 10th consecutive, Team claims its seventh consecutive double world championship in a season like no other, Axalta’s Nap-Gard® and Alesta® products selected for high performance and corrosion-resistance, New partner to distribute Axalta’s Standox® and HIPIC® brands, Primers, Pre-Coats, Base Coats and Clear Coats, Coatings for Automotive Parts and Components, Agriculture, Construction and Earthmoving Equipment, Automotive Components and Other Specialized Applications, Metal Furniture, Playground Equipment and Amusement Parks, Business Areas Axalta could be valued at $49 a share, Seaport Global analyst Michael Harrison said in a note to investors. Overview, Axalta Racing By Ben Dummett Akzo Nobel NV and U.S. rival Axalta Coating Systems have abandoned their merger talks after failing to reach an agreement on terms around structuring the deal and other issues,... | September 17, 2020 Buffett’s Berkshire Hathaway is Axalta’s largest investor, holding 10% of shares outstanding, according to data compiled by Bloomberg. Overview, Quarterly Results Nevertheless, W.R. Grace & Co. spinoff GCP Applied Technologies Inc. attempted to gauge takeover interest in a similar move, but opted last month to remain an independent company after offers fell short of demands. Axalta, the erstwhile coating business of DuPont de Nemours Inc (NYSE: DD), has had a checkered history since its inception, with failed takeover discussions and frequent leadership changes. The committee will be led by independent director Mark Garrett and include Chief Executive Officer Robert Bryant and independent director Samuel Smolik. Overview, Media Contacts Overview, Customer Contacts SIGN UP. Read More: Nippon Paint Fails to Strike Deal With Axalta, “This is the next round of the continuing consolidation we have seen in the coatings industry,” said Martin Bastian, managing director and head of European Chemicals at Houlihan Lokey. Axalta congratulates the Mercedes-AMG Petronas Formula One Team … Dutch paints and coatings giant Akzo Nobel NV has approached U.S. rival Axalta Coating Systems Ltd to discuss a possible merger that would create a global coatings giant, according to... | October 8, 2020 Overview, Services In … Clear This Search. We use cookies (opens in new window) for a number of reasons, such as keeping FT Sites reliable and secure, personalising content and ads, providing social media features and … Photos 1. Filters. Axalta And Akzo End Talks On Merger -- WSJ. Stay up to date on the latest stock price, chart, news, analysis, fundamentals, trading and investment tools. AXTA --0.00%--Axalta Coating Systems (AXTA) Upgraded to Strong Buy: Here's Why. The Valspar deal is Axalta’s third acquisition already in 2017, on top of others in 2015 and 2016. 1 or No. The stock jumped 15% to $29.60 at 11:13 a.m. in New York, the most intraday since October 2017. Overview, Corporate Governance Axalta is seeking to capitalize on having 90% of last year’s sales come from markets where it represented either the No. Overview, Presentations Having hit a record high of $38.20 in 2017 at the time of the takeover talks, Axalta shares have since fallen by a third and closed at $25.82 on Tuesday. Bloomberg news reported Axalta is the world's leading maker of auto finish paints and the deal would have combined the two companies "with a market value of about $30 billion". Overview, Headquarter Locations Materials index climbed 15 % to $ 29.60 at 11:13 a.m. in New York, most. 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