AkzoNobel Shareholders Approve Proposed Merger with Axalta by Overwhelming Majority

Shareholders of AkzoNobel have overwhelmingly approved all resolutions related to the proposed all-share merger with Axalta Coating Systems at the company's Extraordinary General Meeting (EGM). The strong shareholder backing marks a key milestone in advancing the planned merger between the two global coatings manufacturers.

The resolutions approved at the Extraordinary General Meeting include authorisation of the proposed merger, amendments to the company's Articles of Association, approval to issue new shares in connection with the transaction, proposed appointments to the Board of Directors, and the adoption of the revised remuneration policy.

Axalta shareholders also approved the proposed merger at the company's Special General Meeting, securing the necessary shareholder approvals from both companies. With this milestone achieved, the transaction will now proceed to the next phase, subject to regulatory clearances and other customary closing conditions. The merger is expected to close by the end of 2026 or early 2027, pending receipt of all required approvals.

Commenting on the outcome, AkzoNobel CEO Greg Poux-Guillaume – who will serve as CEO of the combined company – said: “Today’s vote represents a significant milestone towards bringing together two highly complementary businesses. 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.”

Ben Noteboom, Chair of AkzoNobel’s Supervisory Board, who will serve as Vice-Chair of the combined company, adds, "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. We also thank our shareholders, employees, customers and other stakeholders for their continued support.”

Source: AkzoNobel