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Exclusive: Nippon offer prompted Axalta to end Akzo Nobel merger talks -source
November 21, 2017 / 10:12 PM / 22 days ago

Exclusive: Nippon offer prompted Axalta to end Akzo Nobel merger talks -source

(Reuters) - Japan’s Nippon Paint Holdings Co Ltd (4612.T) made an all-cash offer on Tuesday to acquire Axalta Coating Systems Ltd (AXTA.N), a source familiar with the matter said, prompting Axalta to end merger talks with Akzo Nobel NV (AKZO.AS).

Nippon’s offer came at a premium to where Axalta shares ended trading on Monday, the source said, asking not to be identified because the matter is confidential.

Nippon did not immediately respond to a request for comment, while Akzo Nobel and Axalta declined to comment.

Reporting by Greg Roumeliotis in New York; Editing by Chris Reese

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