A merger between AkzoNobel and Axlata has long been whispered about - perhaps this is why PPG was so keen to get in there first. Having fought off the PPG bid the Dutch coatings company is seeking a $30 billion merger with Axalta - PPG offered around $26 billion.
A statement issued on October 30 says: 'In response to market speculation, AkzoNobel confirms it is currently in constructive discussions regarding a merger of the AkzoNobel Paints & Coatings business with Axalta. This will create a leading global paints and coatings company through a merger of equals.
'AkzoNobel confirms that its separation of Specialty Chemicals, including the return of the vast majority of net proceeds to shareholders, remains on track for April 2018 and is unaffected by these discussions.'
It's been a turbulent year for the Dutch company with shareholder revolts, a new CEO and two profit warnings issued.