AkzoNobel and Axalta Coating Systems submitted antitrust remedies to the European Commission on October 15 in an effort to secure approval for their planned $25 billion merger. Reuters reported on October 16 that the submission, disclosed in an EU regulatory filing, automatically extended the Commission's preliminary review deadline by 10 working days. The original October 22 deadline has therefore moved into November, giving regulators more time to assess the companies' proposals.
The Commission has not disclosed the details of the proposed remedies. Reuters previously reported, citing people familiar with the matter, that the companies intended to offer the sale of AkzoNobel's vehicle refinish business to address concerns about competition. Both groups supply coatings used by automotive repair and refinishing companies, making that business an important part of the regulatory discussions. The previously reported disposal plan has not been announced as an agreed divestiture.
The EU competition authority is expected to gather feedback from industry competitors and customers before reaching a decision. The Commission could approve the merger following its initial review, seek further commitments or open an in-depth investigation. The companies' latest filing represents a formal step in the clearance process, rather than regulatory approval of the transaction.
The merger partners have also announced their planned corporate identity. On October 15, AkzoNobel and Axalta said the combined company would be named Axanzo, with AXZ as its proposed ticker symbol on the New York Stock Exchange and Euronext Amsterdam. The business would bring together around 100 paints and coatings brands operating across more than 160 countries.
AkzoNobel CEO Greg Poux-Guillaume is expected to become chief executive of Axanzo, while Axalta CEO Chris Villavarayan would take the deputy CEO role. The merger remains scheduled for completion in early 2027, subject to regulatory approvals and customary closing conditions. AkzoNobel and Axalta will continue operating independently until the transaction closes.
