Axalta said its shareholders overwhelmingly approved the transaction during the company’s Special General Meeting. At AkzoNobel’s Extraordinary General Meeting, shareholders voted in favor of all resolutions related to the merger.

The AkzoNobel resolutions included approval of the merger, amendment of the company’s Articles of Association, authorization to issue shares in connection with the transaction, proposed appointments to the combined company’s Board of Directors and the proposed remuneration policy.

With the required approvals obtained at both meetings, the merger can move to its next phase.

“Today’s vote represents a significant milestone towards bringing together two highly complementary businesses,” said AkzoNobel CEO Greg Poux-Guillaume, who will serve as CEO of the combined company. “It gives us a clear mandate to realize our vision of a stronger, more innovative global coatings leader which will deliver outstanding long-term value for customers, employees and shareholders.”

“We appreciate the strong support we have received for our merger of equals with AkzoNobel and we are excited about the opportunity to deliver significant value to shareholders, customers and employees,” said Chris Villavarayan, chief executive officer of Axalta. “Building on our record second quarter, we are excited to embark on our next phase with real momentum in the business. Our teams are working diligently to advance integration planning and remain focused on bringing together two highly complementary businesses to capture the full value of this combination from day one.”

Ben Noteboom, chair of AkzoNobel’s Supervisory Board, will serve as vice chair of the combined company.

“We’re delighted that shareholders have backed our ambitious growth plans and share our vision for what the two companies can achieve together,” Noteboom said. “We can now move into the final phase of the merger process with confidence and begin to unlock the value of our full combined potential. We also thank our shareholders, employees, customers and other stakeholders for their continued support.”

“Today’s approval marks an important milestone toward creating a premier global coatings company,” said Rakesh Sachdev, chair of the Axalta Board of Directors. “The resounding support reaffirms our conviction that combining Axalta and AkzoNobel will create a differentiated industry leader with broad capabilities, world-class innovation and an even stronger platform for growth and value creation. I look forward to working with our combined team to deliver on the promise of this combination.”

The companies announced the definitive agreement in November 2025. At the time, they said the combined business would have approximately $17 billion in 2024 revenue and an enterprise value of approximately $25 billion. AkzoNobel shareholders are expected to own 55% of the combined company on a pro forma basis immediately after closing, while Axalta shareholders would own 45%.

Completion remains subject to required regulatory approvals and other customary closing conditions. Once those conditions have been met, the companies expect the merger to be finalized in late 2026 or early 2027.

Axalta said its final voting results, as certified by an independent inspector of election, will be filed with the U.S. Securities and Exchange Commission on Form 8-K. AkzoNobel said an overview of its voting results will be published on the company’s website.

Shareholder approval clears a major condition for a combination that would reshape the top tier of the global coatings industry. PCI has followed the proposed $25 billion merger since its announcement, including its potential implications for coatings markets, customers and competitors.