Talks are underway between paintmaker Akzo Nobel NV and Axalta Coating Systems for a possible merger, according to a report shared by a common news platform that cited people familiar with the discussions. Following the report, Axalta shares rose 14 percent in after market trading, reflecting strong investor interest in the potential deal. The companies could announce the agreement as early as Tuesday, although the report did not mention the expected deal value.
Both Akzo Nobel and Axalta have not yet responded to requests for comments made by another news agency. Axalta Coating Systems currently holds a market value of around 6 billion dollars as of Monday’s close. The company provides liquid and powder coating solutions used in automotive, industrial and commercial sectors.
Axalta went public in November 2014 at an approximate valuation of 4.5 billion dollars. This came one year after the Carlyle Group acquired the business from DuPont. The company’s present valuation shows a growth of 33.3 percent over the last eleven years.
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