Axalta, AkzoNobel Amend Merger Governance Terms

Axalta Coating Systems Ltd. and Akzo Nobel N.V. have entered into Amendment No. 2 to their Merger Agreement, modifying the governance arrangements for the combined company. These changes, which follow extensive shareholder dialogue, include the annual re-election of all MergeCo directors after an initial three-year period, a reduction from the previously contemplated five-year period. Additionally, a revised approval threshold of two-thirds of MergeCo non-executive directors will apply for certain key decisions during the initial three-year period, such as director appointments and executive leadership changes, down from the prior 75%.