AkzoNobel CEO solicited for Axalta bid worth more than US$7bn

28 October 2014

AkzoNobel NV Chief Executive Ton Büchner has been solicited for a deal to buy car paint coatings company Axalta Coating Systems for more than US$7bn, Bloomberg reported, citing people familiar with the matter.

The Netherlands-based AkzoNobel and USA rival Sherwin-Williams Co are among the possible buyers, although Akzo has not indicated whether it will pursue Axalta, Bloomberg reported.

Axalta, bought by The Carlyle Group LP from DuPont Co in 2013 for US$4.9bn, filed for an initial public offering in August that could raise as much as US$1bn.

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

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