AkzoNobel and Axalta Refine Governance Ahead of Merger Vote

AMSTERDAM and PHILADELPHIA – AkzoNobel and Axalta Coating Systems on Wednesday announced governance adjustments for their planned merger of equals, after what the companies described as extensive talks with shareholders.

The changes, which do not require a rewrite of the combined company's articles, leave the August 5 shareholder meetings on schedule. The existing agenda items are unaffected.

"This reflects the spirit of partnership and accountability that will define the combined company from day one," Ben Noteboom, chairman of AkzoNobel's supervisory board, said in a statement.

The two paint makers agreed to an all-share merger in April. The combined business would bring together brands such as Dulux and Sikkens with Axalta's industrial coatings operations.

The shareholder votes are set for August 5. A separate regulatory process remains underway.