BRUSSELS, April 21 (Reuters) - Dutch chemical company AkzoNobel (AKZO.AS) gained EU regulatory approval on Wednesday for its acquisition of U.S. firm Dow Chemical’s (DOW.N) powder coatings activities.
AkzoNobel, the world’s biggest paint company, unveiled the deal in November last year and said it expected the takeover to provide synergies and improved operational efficiency. [ID:nLC457344]
“Even though the proposed transaction would strengthen AkzoNobel’s market-leading position in powder coatings, a large number of alternative suppliers would remain in the market,” the European Commission said in a statement.
The Rohm & Haas businesses that AkzoNobel is acquiring have developed new technologies for the car and architectural industries. AkzoNobel expects to close the transaction in the second quarter of the year. (Reporting by Bate Felix, editing by Foo Yun Chee)