Antitrust Law Daily Wrap Up, ACQUISITIONS & MERGERS NEWS: CMA decides Akzo Nobel / Axalta merger may lessen competition, (Nov 12, 2026)

By Peter Reap, J.D., LL.M.

The UK antitrust enforcer also announced that it is inviting comments on Pilgrim's Pride's proposed acquisition of Walkers Deli & Sausage Co.

The UK Competition & Merkets Authority (CMA) announced on November 11 that it has decided, on the evidence currently available to it, that it is or may be the case that the proposed merger of chemical and paint products companies Akzo Nobel N.V. (AkzoNobel) and Axalta Coating Systems Ltd. may be expected to result in a substantial lessening of competition within a market in the UK. Specifically,,it gives rise to a realistic prospect of a substantial lessening of competition as a result of horizontal unilateral effects in the supply of vehicle refinish coatings in the UK. The CMA will now refer the merger for an in-depth, phase 2 investigation unless the parties offer an acceptable undertaking to address these competition concerns.

AkzoNobel / Axalta. AkzoNobel is a multinational group headquartered in the Netherlands that manufactures and supplies paints and coatings for consumer and industrial use. Axalta is a multinational business headquartered in the United States that manufactures and supplies high-performance coatings systems and products.

The CMA said it looked in detail into the parties products for (1) Vehicle refinish coatings: coatings used by repair centers and bodyshops to repair and repaint vehicles; and (2) Thermosetting powder coatings: coatings used across a range of applications, including architectural, industrial and automotive, to provide a durable finish.

Through its preliminary investigation, the CMA found that AkzoNobel and Axalta compete closely in the supply of vehicle refinish coatings in the UK, with both offering similar products, product range and technical support, and holding extensive vehicle manufacturer and insurer approvals. The merger would remove an important competitive alternative for customers and the Merged Entity would be the clear UK market leader with a combined share of supply of [40-50]%. Although other competitors would remain, the CMA found that they would not provide sufficient competition to offset the loss of rivalry between AkzoNobel and Axalta, especially towards the premium end of the market. The CMA believes that customers could therefore face higher prices or reduced quality and support as a result of the Merger.

The CMA does not believe that the Merger raises significant competition concerns as a result of horizontal unilateral effects in the supply of thermosetting powder coatings in the UK and the European Economic Area (EEA). Although AkzoNobel and Axalta are moderately close competitors in thermosetting powder coatings, the Merged Entity will continue to face sufficient competition from alternative suppliers. The CMA also found that the available evidence did not support a finding of significant competition concerns as a result of coordinated effects in the supply of thermosetting powder coatings in the UK and the EEA. Finally, the CMA does not believe that the Merger raises significant competition concerns as a result of coordinated effects in the supply of vehicle refinish coatings in the UK.

The Parties have until November 18, 2026 to offer an undertaking which might be accepted by the CMA to address the potential harm to competition. If no undertaking is offered, or the CMA decides that any undertaking offered is insufficient to remedy its concerns to the phase 1 standard, then the CMA will refer the Merger for an in-depth phase 2 investigation.

Pilgrim’s Pride / Samworth Brothers. Meanwhile, the CMA also announced on November 11 that it is seeking views on the anticipated acquisition by Pilgrim’s Pride Corporation (part of the JBS group) of the sausage, sliced cooked meat, snacking, bacon and pâté business of Samworth Brothers Limited, trading as Walkers Deli & Sausage Co.

The regulator said this “invitation to comment” is intended to allow interested parties to submit to the CMA any initial views on the impact that the transaction could have on competition in the UK. The CMA has not yet launched its formal investigation into this transaction. This invitation to comment is the first part of the CMA’s information-gathering process.

Companies: Akzo Nobel N.V.; Axalta Coating Systems Ltd.; Pilgrim’s Pride Corporation; Samworth Brothers Limited; Walkers Deli & Sausage Co.

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