Mexico denies Sherwin-Williams over Consorcio Comex, again
Mexican regulators turned down Sherwin-Williams in its appeal over the purchase of paint company Consorcio Comex, which it had purchased in September but failed to secure the necessary regulatory approval from the Federal Competition Commission of Mexico.
The FCC had reportedly turned down the deal in a 3-2 vote in July, but the company had gone ahead with its announcement in September. Sherwin-Williams was informed Tuesday night of the FCC's decision to deny its appeal.
At the moment, Sherwin-Williams is considering its options, which include filing for approval again.
The deal involved $90 million in cash as well as the assumption of Comex's liabilities, valued at $75 million.