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PPG Industries (NYSE:PPG) could also be exhibiting renewed curiosity in buying car-paint maker Axalta Coating Techniques (NYSE:AXTA) after a earlier try in 2020 by no means got here to fruition.
Two current flights final month by PPG (PPG) executives to Philadelphia, Axalta’s (AXTA) company headquarters, could also be a sign of PPG’s curiosity in Axalta, in accordance with information from a flight monitoring analytics firm despatched to buyers and considered by In search of Alpha. The flights indicated a possible in a single day keep by the PPG executives.
Axalta (AXTA) was reportedly near being acquired by PPG and personal fairness agency Clayton Dubilier for about $7.5 billion in early 2020 earlier than the pandemic began. Axalta in late March 2020 introduced that it had concluded its evaluate of strategic options resulting from market circumstances attributable to the pandemic after in-depth discussions with quite a lot of events. Bloomberg reported in July 2019 that Japan’s Kansai Paint Co. (OTCPK:KSANF) and PPG (PPG) have been interested by bidding for Axalta.
The report on the aircraft recognizing additionally highlighted that Axalta (AXTA) employed Keith Silverman as its new chief provide & operations officer in January. The hiring is of word as Silverman left Ashland (ASH) in November 2020, the place CEO Guillermo Novo can be a member of PPG’s board.
This was not Axalta’s (AXTA) first takeover try. Recall in 2017 Japan’s Nippon Paint (OTCPK:NPCPF) tried to buy Axalta, however was rebuffed. Akzo Nobel (OTCQX:AKZOF) additionally was in discussions to buy Axalta (AXTA), although the talks collapsed.
PPG and Axalta did not instantly return In search of Alpha e-mail requests for remark left earlier than regular enterprise hours on Sunday.
PPG (PPG) relies in Pittsburgh and has a market cap of $30.4 billion and its shares have fallen 31% over the previous yr, whereas Philadelphia-based Axalta (AXTA) has a market cap of $6.15 billion and its inventory has dropped 17% over the previous yr.
Final Tuesday, PPG (PPG) was initiated with a promote equal score at Credit score Suisse, saying the paint maker was susceptible to rising charges.
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