Axalta Coating Systems Ltd. filed a stakeholder engagement document with the U.S. Securities and Exchange Commission tied to its proposed merger of equals with Akzo Nobel N.V.

The May 15 filing includes key highlights of the contemplated remuneration policy for the NewCo board. The document states that it does not represent the full remuneration policy and was filed in connection with the proposed merger between AkzoNobel and Axalta.

According to the filing, the proposed remuneration framework is designed for a “unique transatlantic merger of equals” and is intended to balance European governance standards with U.S. market expectations. The document notes that NewCo is expected to be solely listed on the New York Stock Exchange, requiring the remuneration framework to reflect both European governance expectations and U.S. market practice.

Source: Axalta Stakeholder Engagement presentation.

AkzoNobel and Axalta announced in November 2025 that they had entered into a definitive agreement to combine in an all-stock merger of equals. At the time, the companies said the transaction would create a global coatings company with an enterprise value of approximately $25 billion. 

PCI has been following this story since the announcement. You can read our earlier coverage here:

AkzoNobel and Axalta Announce $25 Billion Merger

What the AkzoNobel–Axalta Merger Means for the Future of Coatings 

Cevian Capital Reportedly Backs the AkzoNobel–Axalta Merger

Shapiro Capital Questions Akzo-Axalta Merger Terms