AkzoNobel has announced that its acquisition of Kansai Paint’s Africa operations will not proceed. Kansai is a Japan-based chemical company that manufactures automotive, industrial and decorative coatings.
“It’s disappointing that this intended acquisition cannot move forward, but we remain committed to our strong businesses and leading brands in Africa,” says AkzoNobel CEO Greg Poux-Guillaume. “As AkzoNobel’s performance rebound gathers pace, we’ll remain focused on our key priorities, including strengthening our balance sheet, which will be accelerated.”
The two companies have agreed that no break-up fee will be involved.