JPM | EMEA Spec Sits Daily: SUBC NO/SPM IM, AKZA NA, JPM Funding Markets Call at 12.30pm

Research evidence excerpt

JPM | EMEA Spec Sits Daily: SUBC NO/SPM IM, AKZA NA, JPM Funding Markets Call at 12.30pm

Specialist Sales J P M O R G A N

13 July 2026

JPM | EMEA Spec Sits Daily: SUBC NO/ SPM IM, AKZA NA, JPM

Funding Markets Call at 12.30pm

44 207 134 6029

zara.patel@jpmorgan.com

Special Sits Today

• News/ press: Nippon Paint proposes to buy AKZA NA decorative paints business, press reports EU phase 2 likely for

SUBC NO/ SPM IM, Castlelake notes EZJ LN/Apollo announcement

• Research: telco note - e& sells 16% VOD LN stake to Xavier Niel

• JPM Today: “Dynamics in the Equity Funding Markets” call at 12.30pm UKT. Sign-up here

• Speaker: Jonathan Cossey (JPM Global Head of Prime Financial Services)

• Moderator: Camila Penna (JPM Co-Head of Global Cash Equities Sales)

• Discussion points:

• Key drivers and current dynamics in equity funding markets, including balance sheet constraints, liquidity conditions

and pricing trends.

• What this means for clients, including funding strategies, positioning and opportunities we are seeing in the near

term.

News & Press

M&A

• AKZA NA: Nippon Paint has proposed the acquisition of AkzoNobel’s decorative paints business for €7.5B. link

• AKZA NA: AkzoNobel confirms they have received multiple conditional and non-binding proposals from Nippon Paint. The

Nippon Paint Proposal constitutes an Alternative Proposal, as defined in the merger agreement between AkzoNobel and

Axalta. The Board of Management and the Supervisory Board of AkzoNobel continue to unanimously recommend the merger

of equals between AkzoNobel and Axalta. link

• SUBC NO/ SPM IM: Reuters reports that the deal is set to receive an EU Phase 2 decision on July 22. The article reports that

companies could stave it off by offering remedies but this is seen as unlikely. link