Axalta Coating Systems, Akzo Nobel Revise Governance Terms for Planned Merger

MT Newswires Live07-23 17:47

Axalta Coating Systems (AXTA) and Akzo Nobel have updated the proposed governance structure for their planned merger of equals following discussions with shareholders and other stakeholders, the companies said Thursday.

The companies said all directors will stand for annual re-election after an initial three-year period, instead of five years.

They also lowered the approval threshold for certain governance decisions during the first three years after closing to two-thirds of non-executive directors from 75%, they said.

The changes do not require amendments to the combined company's proposed articles of association, the companies said, adding that shareholder meetings scheduled for Aug. 5 will proceed as planned.

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