Sherwin-Williams cancels $2.3B deal for Mexican paint maker

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Sherwin-Williams Co. has canceled its $2.3 billion deal to buy the Mexico operations of Consorcio Comex S.A. after it didn’t win regulatory approval by March 31.

The largest U.S. paint retailer hoped to double sales in Latin America through the stock purchase of Comex, Mexico’s largest paint and coatings maker, Businessweek reported.

Sherwin-Williams in mid-September 2013 completed the acquisition of the U.S. and Canadian business of Comex for about $165 billion, Crain’s Cleveland Business reported.

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