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On November 18, two of the world’s largest paint manufacturers, AkzoNobel and Axalta, jointly announced that they had reached a final agreement to merge their stocks and create a leading global paint company with a value of around $25 billion (approximately 177.8 billion yuan). The two companies stated that the combined entity’s business will cover powder coatings, aerospace coatings, repair coatings, automotive coatings, marine and protective coatings, industrial coatings, and decorative paints. It will offer a wide range of product solutions through around 100 well-known brands, with 173 manufacturing plants and 91 R&D facilities worldwide ； R&D expenditures are expected to amount to around $4 billion per year, with approximately 4,200 researchers, scientists, and engineers, as well as about 3,200 patent applications that have been approved or are still under consideration. It is reported that the combined company is expected to generate an annual revenue of $17 billion, a corporate value of $25 billion, an adjusted EBITDA of $3.3 billion, and an adjusted free cash flow of $1.5 billion, with cost synergies amounting to around $600 million. The transaction is expected to be completed by the end of 2026 or early 2027. The merged company will adopt a new name and stock symbol, which will be announced in due course. It will have dual headquarters in Amsterdam and Philadelphia, be registered in the Netherlands, and be listed on the New York Stock Exchange.