Sherwin-Williams cancels bid for Comex Mexico unit

Sherwin-Williams, the largest U.S. paint retailer, terminated its agreement to acquire the Mexican operations of Consorcio Comex after antitrust regulators blocked the deal.

Sherwin-Williams CEO Christopher M. Connor was seeking to double sales in Latin America when he agreed in 2012 to buy Comex for $2.34 billion.

“Two formal rejections by the antitrust authorities in Mexico and no apparent line of sight into a successful outcome without massive concessions drove the decision to terminate the agreement”, Ghansham Panjabi, a New York-based analyst said.

Source: Bloomberg