South Africa failed to pass Akzo Nobel's review to confirm the termination of the acquisition of Kansai Coatings Africa business

Recently, Akzo Nobel announced on its official website that it and Kansai Paint have agreed to terminate its previous acquisition of Kansai Paint's business in Africa. "Akzo Nobel and Kansai Coatings have mutually agreed not to proceed with the company's planned acquisition of coatings and coatings businesses in Africa. Greg Poux, CEO of AkzoNobel Commenting on the decision, Guillaume said: "It is disappointing that this intentional acquisition cannot proceed, but we remain committed to our strong business and leading brands in Africa. As AkzoNoble's performance rebound accelerates, we will continue to focus on our key priorities, including strengthening our balance sheet, which will accelerate." "The two companies have agreed not to charge any fees for acquisitions that have been terminated. "It is understood that the South African Competition Commission's review of the acquisition was not approved earlier. The South African Competition Commission stated that Akzo Nobel and Kansai Coatings, as South Africa's top two decorative coating manufacturers, if their businesses merge, it may significantly reduce competition in the local decorative coating manufacturing and supply market, adversely affect other market participants. After the South African Competition Commission issued a review, Akzo Nobel CEO Greg Poux Guillaume expressed disappointment with the result. Although this intentional acquisition cannot be advanced, Greg Poux Guillaume remains confident in Akzo Nobel's business and brand in Africa, and the company will continue to consolidate its business and brand leadership in Africa. He further stated that as Akzo Nobel's performance rebound accelerates, the company's balance sheet will also accelerate its repair. Akzo Nobel and Kansai Paint have agreed not to charge any fees for the terminated acquisition.