Nippon Paint offers €7.5 bn for Akzo Nobel's decorative paints unit

Japanese coatings group Nippon Paint Holdings has made a series of acquisition proposals for Akzo Nobel NV's decorative paints business, the latest valuing the unit at about €7.5 billion ($8.6 billion). The bid, roughly 12 times the unit’s projected 2026 EBITDA, would give Nippon Paint control of global consumer paint brands such as Dulux and boost its presence in Europe, where the segment generates nearly two‑thirds of its revenue.

Akzo Nobel’s board has not entered negotiations and has reiterated its support for an already announced merger with U.S.‑based Axalta Coating Systems, a deal that would create a combined entity worth around $25 billion, with Akzo Nobel holding 55 % and moving its listing to New York. The company previously rejected a joint cash offer from Nippon Paint and Sherwin‑Williams for the whole group, citing regulatory hurdles. Following the latest announcement, Nippon Paint’s shares fell about 3 % on the Tokyo exchange. Regulatory approval, including a review by the U.S. Federal Trade Commission, is still required for both the Axalta merger and any potential sale of the decorative paints division.