Mexico puts hold on Sherwin-Williams deal

A 3-2 vote by the Federal Competition Commission of Mexico put a hold on Sherwin-Williams' acquisition of Consorcio Comex.

The Mexican regulatory body said the acquisition announced Nov. 12 was not authorized by the commission.

In a statement released Thursday morning, Cleveland-based Sherwin-Williams said: “The company is reviewing the rationale for the commission’s decision and expects to respond to the commission’s concerns in the near future.” 

Commenting on the commission's decision, Christopher Connor, Sherwin-Williams chairman and CEO, said: "We are disappointed by this decision, but remain hopeful that we can adequately address the Commission's objections and proceed with the transaction."