Axalta investor Artisan Partners: Say 'no' to AkzoNobel deal

Artisan Partners Asset Management

19/11/2025 20:43

By Svea Herbst-Bayliss

NEW YORK, Nov 19 (Reuters) - Investor Artisan Partners is unhappy with Axalta Coating Systems' AXTA.N plan to combine with AkzoNobel AKZO.AS in an all-stock deal that would create a paint industry giant with an enterprise value of $25 billion, according to a letter to shareholders.

   "As an Axalta shareholder, we believe the only proper response to this proposed transaction is an absolute and resounding “NO,” Artisan Partners fund managers Daniel O'Keefe and Michael McKinnon wrote in a letter to Axalta shareholders, which was seen by Reuters.

The pair also said they would interested speaking with any other interested buyers.

 (Reporting by Svea Herbst-Bayliss; Editing by Leslie Adler)

 ((svea.herbst@thomsonreuters.com; +617 233 2138; Reuters Messaging: svea.herbst.thomsonreuters.com@reuters.net))