18 July 2013 15:17 [Source: ICIS news]
HOUSTON (ICIS)--Mexico’s federal competition commission has rejected Sherwin-Williams' $2.34bn (€1.78bn) deal to acquire Mexican coatings and paint firm Consorcio Comex, the US-based coatings and paint major said on Thursday.
The commission decided – in a 3-2 vote - to not authorise the deal agreed last November.
"The company is reviewing the rationale for the commission’s decision and expects to respond to the commission’s concerns in the near future," Sherwin-Williams said in a brief statement.
Sherwin-Williams CEO Christopher Connor said: "We are disappointed by this decision, but remain hopeful that we can adequately address the commission’s objections and proceed with the transaction."
($1 = €0.76)
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