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Missed a spot

19 July 2013

Via Bloomberg:

Sherwin-Williams Co. (SHW)’s $2.34 billion bid to acquire Mexican paint maker Consorcio Comex SA was rejected by Mexico’s antitrust regulator, which said the combined company would be able to set artificially high prices.

The Federal Competition Commission voted 3 to 2 to block the takeover, Cleveland-based Sherwin-Williams said today in a statement. The company is pursuing “several paths” to get approval including an “internal appeal” to the regulator, Chairman and Chief Executive Officer Christopher M. Connor said on a conference call. The shares fell the most in four years.


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