Report: Akzo Nobel seeks merger with U.S. rival

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Akzo Nobel, the parent company of marine paint manufacturer Interlux, is reportedly discussing a merger with smaller U.S. rival Axalta Coating Systems Ltd.

Akzo Nobel told Reuters on Monday that it was in “constructive talks” about a “merger of equals” in what would be the first major deal by chief executive Thierry Vanlancker.

Reuters reported on Friday that Akzo had approached Axalta about a possible merger, sending Axalta’s shares 17 percent higher. Warren Buffett’s Berkshire Hathaway is the largest Axalta investor with a stake of just under 10 percent.