Akzo Nobel to acquire Axalta in $9.2 billion paint deal

Akzo Nobel NV has agreed to acquire smaller rival paint maker Axalta Coating Systems Ltd. in a cross-border share deal that values the target at €7.9 billion ($9.2 billion).

The agreement, which confirmed an earlier report by Bloomberg News, follows several attempts at a combination by the Dulux and Cromax paint makers. One previous effort fell short in 2017, when talks broke down as the two failed to agree on terms.

Tuesday’s agreement will see shareholders receive 0.6539 Akzo Nobel shares for each Axalta common share, giving an equity value of €7.9 billion, according to a Bloomberg calculation. Akzo Nobel shareholders will own 55% of the combined company, which will move its listing to New York.

The Dutch company’s stock fell as much as 4.4% in Amsterdam early Tuesday, the steepest in