AkzoNobel (Amsterdam, The Netherlands) and Kansai Paint (Osaka, Japan) have mutually agreed not to proceed with the company’s intended acquisition of Kansai’s paints and coatings activities in Africa.
“It's disappointing that this intended acquisition cannot move forward, but we remain committed to our strong businesses and leading brands in Africa,” says Greg Poux-Guillaume, CEO of AkzoNobel. “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.”
The two companies have agreed that no break-up fee will be involved. The companies did not disclose a reason for the deal not proceeding.
Source: AkzoNobel, www.akzonobel.com.