The U.K.'s antitrust watchdog said it is launching a probe into the proposed merger between Dutch paint maker AkzoNobel and U.S. rival Axalta Coating Systems, to assess whether the deal might hurt competition in the country.

The Competition and Markets Authority on Thursday set a Nov. 11 deadline for a decision on its initial assessment on the deal as it said it was opening an investigation.

"We are confident that the CMA will recognize the benefits of this transaction and we will continue to work constructively with the CMA to achieve clearance in a timely manner," Akzo and Axalta said.

The companies agreed to join forces in November last year and their respective shareholders approved the merger in August. Akzo and Axalta previously said they expected the deal to be completed between late 2026 and early 2027.