Sherwin-Williams Co. said a Mexican antitrust agency voted to reject the company’s acquisition of Consorcio Comex.
The Federal Competition Commission of Mexico voted 3-2 not to authorize the deal. Sherwin-Williams said it is reviewing the rationale for the Commission’s decision.
“We are disappointed by this decision, but remain hopeful that we can adequately address the Commission’s objections and proceed with the transaction,” chairman and CEO Christopher M. Connor said.
The company agreed in November to buy Consorcio Comex, a North American paint manufacturer whose paints and other coatings are sold across the continent.
Sherwin-Williams, whose brands include Dutch Boy and Minwax, also reported its second-quarter earnings rose 13 percent primarily from improved performance from its paint stores and global finishes group.