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Akzo Nobel CEO solicited for Axalta bid worth more than $7 bln -Bloomberg
September 1, 2014 / 11:37 PM / 3 years ago

Akzo Nobel CEO solicited for Axalta bid worth more than $7 bln -Bloomberg

Sept 1 (Reuters) - Akzo Nobel NV Chief Executive Ton Buechner has been solicited for a deal to buy car paint coatings company Axalta Coating Systems for more than $7 billion, Bloomberg reported citing people familiar with the matter.

Amsterdam-based Akzo Nobel and U.S. rival Sherwin-Williams Co are among the possible buyers, although Akzo hasn't indicated whether it will pursue Axalta, Bloomberg reported. (bloom.bg/1nQ7cYQ)

Axalta, bought by The Carlyle Group LP from Du Pont Co in 2013 for $4.9 billion, filed for an initial public offering last month that could raise as much as $1 billion.

“We do know about the business and we’ve heard of the IPO, but that’s all there is to say,” said Akzo Nobel spokeswoman Diana Abrahams, according to the Bloomberg report.

Akzo Nobel, Axalta Coating and Carlyle Group could not be immediately reached for comment outside regular business hours.

Philadelphia-based Axalta makes liquid and powder coatings for the automotive and general transportation industries. It operates 35 manufacturing centers and does business in more than 130 countries. (Reporting by Ankush Sharma in Bangalore; Editing by Diane Craft)

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