AkzoNobel confirms Nippon Paint €7.5bn offer for Decorative Paints
- Nippon Paint submitted multiple conditional, non-binding proposals at an indicative enterprise value of €7.5 billion (cash-free, debt-free).
- The proposal is classified as an Alternative Proposal under AkzoNobel's merger agreement with Axalta, restricting AkzoNobel from engagement.
- AkzoNobel's Boards state the offer significantly undervalues the Decorative Paints business and communicated this to Nippon Paint.
- The Boards continue to unanimously recommend the merger of equals with Axalta, referencing the strategic rationale in the joint press release of November 18, 2025.
Offer received
AkzoNobel confirms it has received multiple conditional and non-binding proposals from Nippon Paint Holdings Co. regarding the potential acquisition of AkzoNobel’s Decorative Paints business at an indicative enterprise valuation of €7.5 billion on a cash-free and debt-free basis.
Contractual status
The Nippon Paint proposal constitutes an Alternative Proposal, as defined in the merger agreement between AkzoNobel and Axalta Coating Systems Ltd., which restricts AkzoNobel from any engagement.
Board position and next steps
The Board of Management and the Supervisory Board say the proposal significantly undervalues AkzoNobel’s Decorative Paints business, as previously communicated to Nippon Paint, and continue to unanimously recommend the merger of equals with Axalta, taking into account the strategic rationale and benefits set out in the AkzoNobel and Axalta joint press release of November 18, 2025. Further announcements will be made if and when appropriate.
Source: AkzoNobel