UPDATE 1-Mexico's competition watchdog denies Sherwin Williams buy
MEXICO CITY, July 18 (Reuters) - Top U.S. paint maker Sherwin Williams Co said on Thursday Mexico's competition watchdog did not authorize its $2.34 billion purchase of Mexican paint company Consorcio Comex.
Sherwin Williams announced the deal in November last year, saying it would help it increase its presence in markets such as Mexico, the U.S. West Coast and Canada, where its store count is low.
The companies will be able to appeal the decision with Mexico's Federal Competition Commission (Cofeco).
"We are disappointed by this decision, but remain hopeful that we can adequately address the Commission's objections and proceed with the transaction," said Sherwin Williams Chief Executive Christopher Connor in a statement.
Comex is a family-owned company that was founded in the 1950s.