By Adria Calatayud

Activist investor Cevian doubled its stake in AkzoNobel, becoming the biggest shareholder in the Dutch paints maker weeks after it struck a merger deal with U.S. peer Axalta Coating Systems.

Cevian now holds a 10.15% stake in Akzo, according to a Dutch regulatory filing, up from its previously disclosed position of 5.02% as of October. This makes it the top shareholder in the company, based on LSEG Refinitiv data.

Based on Akzo's closing price on Monday, Cevian's stake is currently valued at just over 1 billion euros ($1.18 billion).

In August, when its stake in Akzo was first disclosed, Cevian said it saw significant long-term value potential in the company and had high expectations that Akzo's chair, Ben Noteboom, and chief executive, Greg Poux-Guillaume, would deliver on their strategy of improving its performance and sharpening its portfolio.

Cevian said Tuesday that it didn't have additional comments.

"We welcome their constructive engagement that supports the long-term success of the company," an Akzo spokesman said.

Cevian's stake increase comes after Akzo in November struck a deal to merge with Philadelphia-based Axalta, creating a global paint giant with a combined market value of some $17 billion.

As part of the all-share deal, Akzo shareholders are due to get 55% of the enlarged group and a special dividend of 2.5 billion euros, while Axalta shareholders would own 45% of the combined company, a structure that was criticized by Axalta investors such as Artisan Partners and Shapiro Capital Management.

Write to Adria Calatayud at adria.calatayud@wsj.com

(END) Dow Jones Newswires

December 23, 2025 08:54 ET (13:54 GMT)

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