European IG Corporates Morning News

RBC reports on Akzo Nobel's rejection of a €12.5bn bid from Nippon Paint and expresses a cautious outlook for Motability following weak 1H26 results.

Key Takeaways

• 1.Akzo Nobel rejected a joint €12.5 billion all-cash bid from Nippon Paint and Sherwin-Williams, citing valuation and regulatory concerns.
• 2.An Akzo Nobel acquisition could spike leverage from 2x to 5x, though bondholders might benefit from par Change of Control (CoC) triggers if investment grade ratings lapse.
• 3.Motability's 1H26 results call indicated a cautious outlook due to weakness in used car pricing and intense competition, leading RBC to expect negative rating actions.

Table of Contents

• Macro movers
• AKZANA: Akzo Nobel Rejects €12.5 Billion Offer From Nippon Paint
• What could it mean for credit?
• What could it mean for bonds?
• MOTOPG: Motability 1H results call takeaways

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