Akzo Nobel Stands by Axalta Merger as Nippon Paint Bids EUR7.5 Billion for Decorative Paints Unit
Japanese paint maker Nippon Paint Holdings on Monday confirmed it has offered 7.5 billion euros to acquire AkzoNobel's (AKZA.AS) decorative paints business, about a month after withdrawing its bid with US-based Sherwin-Williams to buy the entire company. The Dutch paint and coatings group said the same day that it has received "multiple conditional and non-binding proposals" from Nippon Paint for its decorative paints business, while adding that the latest offer "significantly" undervalues the business unit. AkzoNobel said its management and supervisory boards continue to back the company's planned merger of equals with US-based paint manufacturer Axalta Coating Systems, citing the proposed transaction's "compelling strategic rationale" and expected benefits. Announced in November 2025, the merger would create a global coatings company with an enterprise value of $25 billion and revenue of $17 billion. Subject to shareholders' approvals and regulatory clearances, the transaction is expected to close in late 2026 or early 2027. "The combined business will have a highly attractive financial profile, industry-leading innovation capabilities and a balanced global footprint.
Japanese paint maker Nippon Paint Holdings on Monday confirmed it has offered 7.5 billion euros to acquire AkzoNobel's (AKZA.AS) decorative paints business, about a month after withdrawing its bid with US-based Sherwin-Williams to buy the entire company.
The Dutch paint and coatings group said the same day that it has received "multiple conditional and non-binding proposals" from Nippon Paint for its decorative paints business, while adding that the latest offer "significantly" undervalues the business unit.
AkzoNobel said its management and supervisory boards continue to back the company's planned merger of equals with US-based paint manufacturer Axalta Coating Systems, citing the proposed transaction's "compelling strategic rationale" and expected benefits.
Announced in November 2025, the merger would create a global coatings company with an enterprise value of $25 billion and revenue of $17 billion.
Subject to shareholders' approvals and regulatory clearances, the transaction is expected to close in late 2026 or early 2027. "The combined business will have a highly attractive financial profile, industry-leading innovation capabilities and a balanced global footprint.