AkzoNobel Confirms Receipt of Offers from Nippon Paint for Decorative Paints Business

AkzoNobel has responded to recent media reports, confirming that it has received several conditional and non-binding proposals from Nippon Paint Holdings regarding the potential acquisition of its Decorative Paints business. The proposals indicate an enterprise valuation of approximately €7.5 billion on a cash-free and debt-free basis.

The proposal from Nippon Paint qualifies as an alternative proposal under the merger agreement between AkzoNobel and Axalta Coating Systems, which restricts AkzoNobel from engaging in discussions about the offer. AkzoNobel has also stated that the proposal significantly undervalues its decorative paints business, a position it had previously communicated to Nippon Paint.

AkzoNobel’s Board of Management and Supervisory Board continue to unanimously support the proposed merger of equals with Axalta, citing the strong strategic rationale and anticipated benefits of the combination, as outlined in the companies’ joint announcement in November 2025.

Source: Akzo Nobel