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Akzo Nobel (AKZA) investor relations material
Akzo Nobel M&A Announcement summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.M&A Announcement summary18 Nov, 2025
Deal rationale and strategic fit
Merger creates a global coatings leader with $17B in revenue and $25B enterprise value, combining complementary portfolios, innovation platforms, and expanding reach across 160+ countries.
Positions the combined entity as the #2 global coatings company, with diversified portfolios, balanced brands, and enhanced geographic presence.
Enhanced innovation capabilities and sustainability-driven solutions underpin growth and customer value, supported by $400M annual R&D spend and 91 global R&D centers.
Both companies have a long history of industry leadership, innovation, and customer focus, aiming for sustainable growth.
The merger is seen as a logical, long-awaited combination, enabled by aligned leadership and board perspectives.
Financial terms and conditions
All-stock merger of equals; Axalta shareholders receive 0.6539 AkzoNobel shares for each Axalta share.
AkzoNobel to pay a special cash dividend to its shareholders equal to €2.5B minus any 2026 regular dividends prior to completion.
Pro forma ownership: AkzoNobel shareholders 55%, Axalta shareholders 45%.
Combined company will be listed on the NYSE, domiciled in the Netherlands, with dual headquarters in Amsterdam and Philadelphia.
Target net leverage ratio of 2.0x–2.5x and commitment to investment grade credit rating.
Synergies and expected cost savings
Identified run-rate synergies of $600M, with 90% expected within three years post-close.
Synergies primarily from SG&A (45%), procurement (28%), footprint optimization (17%), and supply chain (10%).
Synergy estimates are based on detailed, bottom-up analysis by joint teams, with high confidence in delivery.
Total costs to achieve synergies estimated at ~$600M, mostly incurred in the first two years.
Revenue synergies are anticipated but not included in the financial model; cost synergies are considered mechanical and achievable regardless of market conditions.
What specific plans ensure synergy achievement?
How is investment grade rating maintained post-dividend?
What specific innovation areas will be prioritized?
Detail special dividend funding and leverage impact
Deputy CEO's role in synergy delivery?
How will the combined entity drive organic growth?
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Next Akzo Nobel earnings date
Q4 202528 Jan, 2026
Next Akzo Nobel earnings date
Q4 202528 Jan, 2026
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Frequently asked questions
Over 350 years of experience in paint
Akzo Nobel is a multinational company operating out of the Netherlands that specializes in the manufacturing and distribution of paints, coatings, and specialty chemicals. With a rich history dating back over 200 years, Akzo Nobel has established itself as a global leader in the industry. The company offers a wide range of products and solutions for various sectors, including architectural coatings, paint for industrial use, automotive and marine coatings, as well as specialty chemicals.
Boasting a rich and fascinating history
Akzo Nobel can trace its roots back to the late 1700s. The company's foundation began with the establishment of Sikkens, a Dutch paint producer, in 1792. Over the years, Sikkens grew and expanded its operations, building a reputation for quality and innovation in the coatings industry.
The merger of Akzo and Nobel
In the 20th century, the company evolved through a series of mergers and acquisitions. Arguably the most significant milestone was the merger between Akzo and Nobel Industries in 1994, which gave rise to the present-day company. This merger brought together two industry leaders in coatings, chemicals, and pharmaceuticals, forming a global powerhouse with a diverse product portfolio and a strong presence in various markets. Since then, Akzo Nobel has continued to evolve and grow, focusing on delivering sustainable solutions and pioneering advancements in the coatings and chemicals industry.
The business today
Akzo Nobel is, as previously mentioned, a global brand with a broad presence in markets all over the world, and are operating in over 150 countries. With a diverse portfolio of products, they cater to various sectors, including decorative paints, performance coatings, and specialty chemicals. Their renowned brands, such as Dulux, Sikkens, and International, offer a wide range of colors, finishes, and protective coatings. While their products are widely used by professional painters and industrial customers, Akzo Nobel also provides paints and coatings that are accessible to private individuals. When looking at companies operating within the same market segment and competing with Akzo Nobel we find names such as PPG, Sherwin-Williams, and Axalta.
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