Shareholders at an extraordinary general meeting of AkzoNobel this week voted in favor of all resolutions related to the proposed all-share merger with Axalta Coating Systems. Meanwhile, Axalta shareholders also voted in favor of the merger in the company’s own EGM.
With the required approvals obtained, the merger can now move to the next phase, AkzoNobel said in a press release.
“Today’s vote represents a significant milestone towards bringing together two highly complementary businesses,” AkzoNobel CEO Greg Poux-Guillaume, who will serve as CEO of the combined company, said in the release. “It gives us a clear mandate to realize our vision of a stronger, more innovative global coatings leader which will deliver outstanding long-term value for customers, employees and shareholders.”
Added Ben Noteboom, chair of AkzoNobel’s supervisory board, who will serve as vice chair of the combined company: “We’re delighted that shareholders have backed our ambitious growth plans and share our vision for what the two companies can achieve together. We can now move into the final phase of the merger process with confidence and begin to unlock the value of our full combined potential.”
Completion of the merger remains subject to receipt of required regulatory approvals and other customary closing conditions. Once the conditions have been met, the merger is expected to be finalized at the end of 2026 or the beginning of 2027, the company said.
