企业价值250亿美元！阿克苏诺贝尔与艾仕得两大涂料巨头计划合并

Core Viewpoint - AkzoNobel and Axalta have reached a final agreement to merge in an all-stock transaction, creating a leading global coatings company with an enterprise value of approximately $25 billion [1][3]. Company Overview - AkzoNobel, established in 1792, is a leader in the global coatings industry with a revenue of $11.56 billion, ranking third among the top ten global paint manufacturers by sales [3][7]. - Axalta, a leading supplier of liquid and powder coatings, had a revenue of $5.3 billion in 2024, with approximately 65% of its sales coming from international markets [4][7]. Financial Highlights - The combined company is projected to have revenues of approximately $16.9 billion and an adjusted EBITDA of $3.3 billion, with a target adjusted EBITDA margin of around 19.5% [7][15]. - The merger is expected to generate about $600 million in identified and actionable operational synergies, with 90% anticipated to be realized within the first three years post-transaction [7][15]. Strategic Benefits - The merger will create a diversified and balanced portfolio of leading brands, enhancing the ability to provide comprehensive coating solutions across various sectors [15]. - The combined company will have a global footprint with 173 production sites and 91 R&D facilities, improving local customer service and product support [10][12]. - The merger aims to enhance customer-centric innovation by combining existing technological capabilities, leading to advanced and differentiated products [12][15]. Leadership and Governance - The merged entity will have a single-tier board led by Axalta's current chairman, Rakesh Sachdev, with AkzoNobel's CEO, Greg Poux-Guillaume, serving as CEO of the combined company [17][18]. - The board will consist of 11 members, including directors from both companies and independent directors [17]. Transaction Details - AkzoNobel shareholders will receive a special cash dividend of €2.5 billion, and post-merger, AkzoNobel shareholders will hold 55% of the combined company while Axalta shareholders will hold 45% [18][19]. - The transaction is expected to close between late 2026 and early 2027, subject to shareholder and regulatory approvals [19].