Need to Know

• The U.K. CMA formally launched its Phase 1 merger inquiry Sept. 16.
• The regulator has set Nov. 11 as the statutory deadline for its Phase 1 decision.
• The review is an assessment of the transaction’s potential competition effects, not a finding that competition would be reduced.

The review will assess whether the proposed transaction creates a relevant merger situation under U.K. law and, if so, whether it may be expected to result in a substantial lessening of competition. The opening of the inquiry does not itself represent a finding that the transaction would reduce competition.

The formal review follows an earlier information-gathering period. The CMA opened an invitation to comment April 16 and accepted submissions through May 1. At that stage, the agency specifically said it had not yet launched its formal investigation.

AkzoNobel and Axalta announced their proposed all-stock merger of equals in November 2025. The companies said the combination would create a coatings company with approximately $17 billion in annual revenue and an enterprise value of approximately $25 billion. AkzoNobel shareholders would own approximately 55% of the combined company and Axalta shareholders approximately 45%.

Shareholders of both companies approved the proposed transaction Aug. 5. Completion remains subject to required regulatory approvals and other closing conditions. AkzoNobel and Axalta have said they expect the transaction to close in late 2026 or early 2027.

Source: CMA AkzoNobel/Axalta merger inquiry

The formal Phase 1 launch moves the U.K. review beyond preliminary information gathering and establishes a Nov. 11 deadline for the next regulatory milestone. PCI has been tracking the competition review surrounding the proposed combination as the two major global coatings manufacturers work toward closing the transaction.