Sherwin-Williams Mexico acquisition rejected

Cleveland – The Federal Competition Commission of Mexico has voted not to authorize Sherwin Williams’ November 2012 acquisition of Mexico City-based home improvement retailer and paint producer Consorcio Comex, S.A. de C.V. Sherwin-Williams is reviewing the rationale for the commission's decision and says it expects to respond to the Commission's concerns in the near future.



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



Sherwin Williams put together a deal last November to acquire Comex for $2.4 billion, the company’s biggest acquisition to date and a strategic move to increase Sherwin Williams’ presence in Mexican markets.