Mexican Regulators Deny Sherwin-Williams Appeal
CLEVELAND (AP) -- Sherwin-Williams said Wednesday that regulators in Mexico again refused to clear its purchase of privately held paint company Consorcio Comex.
The Federal Competition Commission of Mexico turned down the deal in July in a 3-2 vote. Sherwin-Williams said it was informed Tuesday evening that its appeal of that decision was denied and the deal is not authorized. It said it is reviewing the commission's reviewing the decision and considering its options. It said those options include filing for approval again.
Shares of Sherwin-Williams Co. fell $6.05, or 3.1 percent, to $188.39 in morning trading.
Sherwin-Williams owns brands including Dutch Boy, Minwax, Krylon and its namesake paints. In November 2012 it agreed to buy Consorcio Comex for $2.34 billion in cash. Consorcio Comex sells paints and coatings under several brands in the United States and Canada, and it sells architectural and industrial coatings in Mexico. It owns company-operated stores and also works with independent paint dealers.
Sherwin-Williams completed its purchase of Consorcio Comex's U.S. and Canadian businesses in September.