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AkzoNobel delists from the Amsterdam Exchange

5 August 2026

Following the announcement at the end of last year, shareholders of both companies today approved the proposed merger of AkzoNobel and its US counterpart, Axalta. Paint manufacturer AkzoNobel is larger than Axalta in terms of revenue and market capitalisation. This means that shareholders in the Dutch paint group will receive a cash payout of €2.5 billion as well as 55 per cent of the shares in the merged company.

Axalta is best known as a manufacturer of coatings for agricultural machinery, lorries and cars from brands such as Audi, BMW, Opel and Renault. AkzoNobel is best known for consumer paint brands such as Flexa and Sikkens, but derives most of its turnover from industrial coatings. Following the merger, the result will be the world’s second-largest paint manufacturer, behind US-based Sherwin-Williams, and the global leader in coatings. With shareholder approval already secured, it is now solely up to the regulators to approve the merger. If they also give the green light, the merger is expected to be completed by early 2027 at the latest.

The rationale behind the merger is clear: cost savings. Yet the merger with Axalta has also drawn criticism. Why are AkzoNobel shareholders receiving a mere 55 per cent of the shares in the merged company when the Dutch paint group is almost twice as large in terms of revenue? There has also been criticism of the curtailment of shareholders’ rights. And why did AkzoNobel’s management recently reject two other interesting bids?

The name of the new group has not yet been announced. However, it is clear that the merged company will be a Dutch public limited company (NV) with (at least for the time being) dual headquarters, in Amsterdam and Philadelphia. The merger will give AkzoNobel access to the US market. Given that company valuations in the US are generally higher, the merged entity has opted to list in New York. This means that, in the foreseeable future, it will leave the Amsterdam Exchange after more than a century. To be precise, AkzoNobel’s stock market listing, via its legal predecessor Algemene Kunstzijde Unie (AKU), dates back to 1919. This means that, following the departures of coffee company JDE Peet’s and meal delivery company Just Eat Takeaway, Beursplein 5 is losing its third well-known name in rapid succession.