LONDON (dpa-AFX) - The U.K.'s Competition and Markets Authority (CMA) announced Wednesday that the proposed merger between Dutch paint and coating maker Akzo Nobel N.V. (AKZOY) and Axalta Coating Systems Ltd. (AXTA) may substantially lessen competition in one or more U.K. markets.
The decision followed completion of the CMA's phase 1 investigation, which began in mid-September. The merger will now proceed to an in-depth phase 2 investigation unless Akzo Nobel and Axalta present an acceptable undertaking to address the competition concerns identified.
The CMA's assessment identified competition concerns solely relating to the supply of vehicle refinish coatings in the U.K. Akzo Nobel and Axalta said they plan to address this with the same remedy proposal previously submitted to the European Commission.
Both companies have already agreed with the European Commission on a targeted undertaking package involving the divestment of Akzo Nobel's European vehicle refinish coatings business, including its U.K. operations.
Akzo Nobel and Axalta said they will continue engaging constructively with both regulators on the remedy package and remain confident the merger will be completed by early 2027.
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