Why Axalta Coating Systems Ltd's Shares Popped 19% Midday Today

Shares of Axalta Coating Systems Ltd (NYSE: AXTA) jumped as much as 18.6% in trading midday Friday after reports of a potential merger were reported by Reuters. At 3:15 p.m. EDT, shares had settled down slightly, but were still up 16.6% on the day.

Reuters is reporting that Dutch company Akzo Nobel NV has approached Axalta about a possible merger to create a coatings giant. Akzo itself fought off a buyout attempt from PPG earlier this year and may see the need to expand through its own merger to stay competitive in the market.

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Source: Fool.com