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Akzo Nobel confirms offers from Nippon Paints for its Decorative Paints business
Akzo Nobel has disclosed that it has received acquisition offers from Nippon Paints for its Decorative Paints division.
Akzo Nobel notes the recent comments in the media and confirms it has received multiple conditional and non-binding proposals from Nippon Paint Holdings Co. (“Nippon Paint”) regarding the potential acquisition of Akzo Nobel’s Decorative Paints business (the “Proposal”) at an indicative enterprise valuation of EUR 7.5 billion (on a cash-free and debt-free basis).
The Nippon Paint Proposal constitutes an Alternative Proposal, as defined in the merger agreement between AkzoNobel and Axalta Coating Systems Ltd. (“Axalta”), restricting AkzoNobel from any engagement. It also significantly undervalues Akzo Nobel’s Decorative Paints business, as previously communicated to Nippon Paint.
The Board of Management and the Supervisory Board of Akzo Nobel (the “Boards”) continue to unanimously recommend the merger of equals between Akzo Nobel and Axalta, taking into account the compelling strategic rationale and benefits as set out in the Akzo Nobel and Axalta joint press release of November 18, 2025.
