AkzoNobel N.V. (AKZA.AE) confirmed Monday that it is in "constructive discussions" with U.S. rival Axalta Coating Systems Ltd. (AXTA) over a potential merger of their paints and coatings businesses.
The Dutch chemicals group also said that the separation of its specialty chemical business, including the return of the majority of the proceeds of the transaction to shareholders, remains on track for April 2018 and is unaffected by the potential merger.
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AkzoNobel added that the possible merger with Axalta could create a leading, global paints and coatings company through a merger of equals.
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(END) Dow Jones Newswires
October 30, 2017 02:46 ET (06:46 GMT)