The largest merger in the global coatings industry: 25 billion new overlord will have 173 production bases and nearly 100 global research and development centers.

to Axalta, the minutes of the meeting are dated June 11, 2026, when 214,018,930 shares of common stock were issued and entitled to vote, with approximately 83.6 per cent of the shares present in person or by proxy on that day. All three core proposals were passed by surprisingly high votes: the merger proposal was approved by about 83.45 per cent of the voting shares (99.97 per cent of the actual votes); The detailed rules proposal was approved by about 83.58 per cent (99.96 per cent of the actual votes cast); The advisory remuneration proposal was approved by about 81.22 per cent (97.16 per cent of the actual votes cast), and AkzoNobel's interim shareholders' meeting also passed all merger-related resolutions simultaneously.

This almost "full approval" vote also shows that institutional investors not only deeply recognize the strategic logic of the merger, however also give full trust to the personnel incentive arrangements of the regulation in the process of integration.

Looking back on the progress of this merger, it has not been smooth sailing. At the beginning of the announcement of the transaction in November 2025, Axalta's two major investors, Artisan Partners and Shapiro Capital regulation, had publicly opposed the transaction. Faced with the doubts of shareholders, the two The regulation of the company launched intensive communication to several months.

On the eve of the vote, the parties announced key corporate governance improvements: directors will be re-elected annually after their first three-year term (previously every five years); and the approval limit to some key governance decisions will be lowered from 75% of non-executive directors to 2/3. Ben Noteboom, Chairman of the Supervisory Board of AkzoNobel, said: "We have listened carefully to the opinions of shareholders. These changes reflect the spirit of cooperation and accountability that will define the new company from the first day of the merger."

The merger has been repeatedly emphasized by both parties as a "reciprocal merger". Its core logic lies in high complementarity. First, AkzoNobel has a deep European background and extensive global network in the fields of decorative coatings and performance coatings. Moreover, Axalta occupies a strong position in the North American market and transportation coatings (such as automobile OEM and repair paint).

According to official disclosures, the combined new company will have 173 production sites and 91 global research and research centers and is expected to unlock $0.6 billion per year in pre-tax cost synergies, 90 per cent of which will be realized within the first three years after delivery. Chris Villavarayan, CEO of Axalta, said after the vote: "On the basis of record second quarter results, we look forward to the next phase with real momentum in the business. Our team is actively moving forward with the integration plan and is committed to fully unlocking the full value from the first day of the merger."

Following shareholder approval, the merger has entered its final sprint. The completion of the transaction is still subject to antitrust review and approval in the United States, the European Union, China and other jurisdictions. According to the announcement of both parties, the merger is expected to be formally completed between the end of 2026 and the beginning of 2027 after all regulatory approvals and customary delivery conditions are met.

Until then, the two companies will continue to operate as separate entities, maintaining "business as usual" status. However, the Joint Integration regulation Office has been working hard behind the scenes to promote the "first day" preparations such as organizational structure, corporate culture integration, and IT system docking.

(Source: Akzo Nobel, Axalta official announcement)