AkzoNobel and Kansai Paint have mutually agreed not to proceed with AkzoNobel’s intended acquisition of Kansai’s paints and coatings activities in Africa. The transaction deal was first reported in June of 2022,
Commenting on the decision, AkzoNobel CEO, Greg Poux-Guillaume, said: “It’s disappointing that this intended acquisition cannot move forward, but we remain committed to our strong businesses and leading brands in Africa.” The two companies have agreed that no break-up fee will be involved.