Mexico paint giant Comex has filed a lawsuit against Sherwin-Williams over the companies’ failed merger, reports say.
The $2.3 billion acquisition plans, first announced by US firm Sherwin-Williams last November, was rejected twice by Mexico’s federal Economic Competition Commission, which found the buyout would lead to the new company controlling 50 percent of the pain industry.
Its closest competitor in the nation would be eight times smaller, it found.
Sherwin-Williams announced last month that it would no longer pursue the deal, but now Comex is suing the firm, claiming the US group did not do enough to honor their agreed upon merger.
Comex has reportedly requested that the International Chamber of Commerce arbitrate the conflict.
Full content: Reuters
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