Axalta spikes after FT report stokes M&A speculation

Oct. 01, 2020 10:48 AM ETAxalta Coating Systems Ltd. (AXTA)AXTABy: Carl Surran, SA News Editor4 Comments
  • Axalta Coating (AXTA +4.2%) jumps after the Financial Times reports Nippon Paint will look for acquisitions after combining with Wuthelam Holdings.
  • CEO Masaaki Tana tells FT that the severe downturn gives a chance for Nippon Paint to make global acquisitions across a fragmented paints sector.
  • Prior talks between Nippon and Axalta stalled over valuation and lack of support from Nippon shareholder Wuthelam.
  • Berkshire Hathaway disclosed earlier this month that it sold more than 500K shares.

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