AkzoNobel shareholders will vote Aug. 5 on the proposed all-share merger with Axalta Coating Systems.
On June 24, Amsterdam-based paints and coatings announced it will hold an extraordinary general meeting will be held in Amsterdam at 3 p.m. Central European Summer Time.
The completion of the merger remains conditional on approval of the relevant resolutions at the meeting, along with other closing conditions. If approved, the deal is expected to close at the end of 2026 or beginning of 2027.
Axalta Coating Systems Ltd. is a Philadelphia-based coatings company with refinish, light vehicle, commercial vehicle and industrial coatings businesses. The proposed merger would combine two major global suppliers in the automotive coatings and refinish market.
The companies announced the all-stock merger in November 2025. Under the proposed terms, Axalta shareholders would receive 0.6539 AkzoNobel shares for each Axalta share. AkzoNobel shareholders are expected to own 55% of the combined company, while Axalta shareholders are expected to own 45%.
Axalta has also scheduled a special meeting for Aug. 5. AkzoNobel’s registration statement on Form F-4 was declared effective by the U.S. Securities and Exchange Commission on June 23, and Axalta filed its definitive proxy statement on June 24.
The deal has faced opposition from Artisan Partners Global Value, an Axalta shareholder. In a public statement issued after the merger was announced, Daniel O’Keefe and Michael McKinnon of Artisan Partners Global Value urged shareholders to reject the transaction.
“As an Axalta shareholder, we believe the only proper response to this proposed transaction is an absolute and resounding ‘NO,’” stated O’Keefe and McKinnon.
A rival proposal also emerged in 2026. Nippon Paint Holdings Co., Ltd., an Osaka, Japan-based paint and coatings manufacturer, and The Sherwin-Williams Company, a Cleveland, Ohio-based paint and coatings manufacturer, made a joint proposal to acquire AkzoNobel. AkzoNobel rejected the proposal, and Nippon Paint and Sherwin-Williams later ended the effort.
AkzoNobel’s automotive refinish brands include Sikkens, Lesonal and Wanda. Axalta’s refinish and aftermarket products include undercoats, basecoats, clearcoats, colour-matching technologies and accessories.
