Akzo Nobel Wins EU Approval to Buy Dow Coating Unit

Dutch chemical company Akzo Nobel gained EU regulatory approval on Wednesday for its acquisition of U.S. firm Dow Chemical's powder coatings activities.

Akzo Nobel, 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.

"Even though the proposed transaction would strengthen Akzo Nobel'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 Akzo Nobel is acquiring have developed new technologies for the car and architectural industries. Akzo Nobel expects to close the transaction in the second quarter of the year.