On August 5, 2026, AkzoNobel and Axalta held separate extraordinary general meetings in Amsterdam and Philadelphia. Shareholders of both companies voted overwhelmingly in favor of the all-stock merger of equals.
At the Axalta vote, approximately 83.6% of shareholders attended in person or by proxy. The merger proposal received roughly 83.45% approval from eligible voting shares, representing 99.97% of actual votes cast. AkzoNobel shareholders also passed all merger-related resolutions.
All-Stock Merger of Equals, Revenue to Surpass PPG
Under the terms of the agreement, AkzoNobel shareholders will hold approximately 55% of the combined company's shares, with Axalta shareholders holding the remaining 45%. Each Axalta ordinary share will be exchanged for 0.6539 AkzoNobel ordinary shares. AkzoNobel will also distribute approximately €2.5 billion in special cash dividends to its existing shareholders prior to the transaction closing.
The combined company is projected to generate annual revenue of approximately $17 billion, with an enterprise valuation of approximately $25 billion.
By comparison, PPG Industries reported 2025 net sales of approximately $15.9 billion, while Sherwin-Williams posted approximately $21.2 billion. By revenue, the new company will surpass PPG to become the world's second-largest paint manufacturer, trailing only Sherwin-Williams.
The transaction is expected to close between late 2026 and early 2027.
Two Companies with Complementary Businesses, Covering Four Core Markets
AkzoNobel and Axalta have long been deeply established in different market segments, with relatively low business overlap.
Founded in 1792, AkzoNobel is one of the world's largest producers of decorative and industrial coatings, with a comprehensive product portfolio spanning architectural finishes, industrial protection, marine coatings, and aerospace coatings. Its Dulux brand enjoys strong international recognition. In 2025, the company's China region revenue reached €1.283 billion.
Axalta originated from DuPont's high-performance coatings business and holds a global leadership position in automotive OEM coatings, automotive refinish coatings, and high-performance industrial coatings, maintaining long-term partnerships with multiple international automakers.
Following the merger, the new company's business will span architectural coatings, automotive coatings, industrial protection, and specialty functional coatings, further diversifying its product portfolio.
173 Production Facilities, 91 R&D Centers Worldwide
According to disclosed data, the combined company will operate 173 manufacturing facilities and 91 R&D centers globally, with projected annual pre-tax cost synergies of approximately $600 million, primarily derived from procurement, supply chain, manufacturing, logistics, and management systems integration.
Both companies have stated that they will continue to maintain their respective brand strengths in key markets while improving operational efficiency through shared R&D resources and global supply chain integration.
One Month After Nippon Paint's Bid, AkzoNobel Chooses Merger Over Sale
The transaction also marks AkzoNobel's formal rejection of plans to sell its decorative paints business.
Just one month earlier, Nippon Paint had proposed acquiring AkzoNobel's decorative paints business for €7.5 billion, an offer that was rejected by AkzoNobel's board. The company subsequently proceeded with its merger of equals with Axalta.
