AkzoNobel Rejects $14.5 Billion Nippon Paint, Sherwin-Williams Takeover Bid
By Adria Calatayud
Dutch paint maker AkzoNobel said it rejected a 12.49 billion-euro ($14.53 billion) takeover proposal from peers Nippon Paint Holdings and Sherwin-Williams, sticking to its plans to combine with Axalta Coating Systems.
AkzoNobel said its management and supervisory boards reviewed the proposal and concluded it wasn't superior to a merger agreement with Axalta announced in November, reiterating their unanimous recommendation for the Axalta deal.
Under the proposal, Japan's Nippon Paint would launch an all-cash offer for AkzoNobel at 73 euros a share, and split the Dutch company's assets with U.S. rival Sherwin-Williams after completing the acquisition, AkzoNobel said.
Nippon Paint would keep AkzoNobel's decorative paints and industrial coatings businesses, while Sherwin-Williams would separately buy its operations in the automotive and specialty coatings, marine and protective coatings and powder coatings segments, AkzoNobel said.
AkzoNobel said it rejected the proposal on May 1 and that it had also turned down an initial approach on April 22.
In November, AkzoNobel and Axalta struck a deal for an all-stock merger to form a global paint giant with a combined market value of some $17 billion, but faced opposition from some shareholders.
Write to Adria Calatayud at adria.calatayud@wsj.com
(END) Dow Jones Newswires
May 27, 2026 03:02 ET (07:02 GMT)
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