3 stories mentioning AKZA.ASUpdated 26d ago
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AlphaValue/Baader Europe on Thursday downgraded Dutch paints and performance coatings maker Akzo Nobel (AKZA.AS) to reduce from add and increased its price target to 65.50 euros from 64.70 euros.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)
AkzoNobel (AKZA.AS) shares surged in early Wednesday trading in Amsterdam after the Dutch paints and coatings company disclosed that it had rejected a 12.49 billion-euro takeover offer from Japan's Nippon Paint Holdings and US-based Sherwin-Williams, and instead reaffirmed its plans to proceed with a merger with Axalta Coating Systems.The company said the indicative offer, valued at 73 euros per share, significantly undervalues AkzoNobel and does not reflect its long-term growth prospects. The proposal was formally rejected on May 1, following an earlier bid that was also rejected on April 22.AkzoNobel shares were up nearly 17% in early trading on Euronext Amsterdam.Under the bid's terms, Nippon Paint would have retained AkzoNobel's decorative paints and industrial coatings businesses, while selling the automotive, marine and powder coatings divisions to Sherwin-Williams. AkzoNobel cited concerns over deal certainty, particularly regarding regulatory approvals and the complexity of splitting the business between the two buyers.The company said it is moving forward with its all-stock merger of equals with Axalta Coating Systems, announced in November 2025. The deal would create a company valued at $25 billion, with AkzoNobel shareholders owning 55% and Axalta shareholders holding 45% of the combined entity.The combined group is expected to feature a more diversified global portfolio, stronger scale across regions, and improved financial performance, including higher margins and robust cash flow generation, the companies had said in the merger announcement. The new entity will maintain its headquarters in both Amsterdam and Philadelphia, US, with a planned single listing on the New York Stock Exchange.The proposed merger deal received unanimous backing from both companies' boards, which continue to recommend the transaction based on its strategic rationale and expected benefits. Subject to regulatory and shareholder approvals, the deal is expected to close between late 2026 and early 2027.
Berenberg maintained its buy rating on AkzoNobel (AKZA.AS), saying the paint and coatings company's shares present a "good way to invest" in the potential de-escalation of the conflict in Iran."Paint and coatings names usually benefit when oil prices are lower, owing to the ability to expand margins with lower raw material costs. Every USD10/barrel share decline in oil price has historically been associated with a EUR3/share increase in AkzoNobel's share price. Oil futures curves foresee a USD20/barrel decline over the next two years to cUSD75/barrel. We remain Buy-rated, but trim our price target to EUR66 (from EUR75)," analysts said in a Tuesday note.The research firm also highlighted the ongoing progress in the Dutch company's merger with US-based paint manufacturer Axalta Coating Systems, with analysts expecting the latter to help AkzoNobel with its cost management, an area the company has "struggled" with at times.On the financials side, analysts reduced their EPS estimates for 2026 through 2028 to account for "modestly lower" volumes, particularly in Europe. Conversely, Berenberg raised its sales forecast for AkzoNobel over the same three-year period.
