AkzoNobel and Kansai Paint mutually agrees not to proceed with the company's intended acquisition of Kansai's paints and coatings activities in Africa.
No Break-up Fee
“
It's disappointing that this intended acquisition cannot move forward, but we remain committed to our strong businesses and leading brands in Africa. As AkzoNobel’s performance rebound gathers pace, we'll remain focused on our key priorities, including the strengthening of our balance sheet, which will be accelerated,” said Greg Poux-Guillaume, chief executive officer of AkzoNobel.
The two companies have agreed that no break-up fee will be involved.
AkzoNobel supplies sustainable and innovative paints and coatings to the customers. It is committed to science-based targets and is taking genuine action to address globally relevant challenges and protect future generations.
Source: AkzoNobel