AkzoNobel, Axalta offer remedies in bid for EU approval for $25 billion deal

By Reuters News

By Foo Yun Chee

BRUSSELS, Oct 16 (Reuters) - Dulux paint maker AkzoNobel AKZO.AS and US peer Axalta Coating Systems AXTA.N have offered remedies in an effort to secure EU antitrust approval for their $25 billion merger, a European Commission filing showed on Friday.

The companies put in their offer on Thursday, automatically triggering a 10 working day extension of the Commission's deadline to November. The EU competition enforcer did not provide details of the concessions in line with its policy.

The companies will offer to sell AkzoNobel's vehicle refinish business to address competition concerns and expect to secure EU clearance at the end of the preliminary review, sources told Reuters last week.

The Commission is expected to seek feedback from rivals and customers before deciding whether to give the deal the green light, demand more or open a full-scale investigation.

Axalta exclusively makes coatings, with a strong presence in the US market. BASF's BASFn.DE coatings business, Nippon Paint 4612.T, Sherwin-Williams SHW.N and Kansai Nerolac KANE.NS compete with AkzoNobel and Axalta.

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