American’s Comex Bid Denied Again

Mexican antitrust regulators have denied an appeal to Sherwin-Williams in its quest to acquire Consorcio Comex, Sherwin says, meaning the acquisition isn’t authorized. The US paint maker “is considering all options, including whether to refile with the [Mexican Competition] Commission.” The parties agreed last year on the $2.34bn sale of all of Comex, before regulators challenged the Mexican portion in July. Officials were concerned about the ability to set artificially high prices in Mexico. In September, Sherwin completed the acquisition of Comex’s US and Canadian businesses, for $90m cash and $75m assumed liabilities. HSBC and JPMorgan have been advising Comex and Goldman Sachs advising Sherwin.