AkzoNobel rejects Nippon Paint bid for paints unit

AkzoNobel confirmed receiving several conditional, non-binding offers from Nippon Paint for its decorative paints business (including the Dulux brand) with an indicative valuation of €7.5 bn. The board rejects the offer as a significant undervaluation; due to the ongoing merger agreement with Axalta (vote on 5 August), AkzoNobel is not permitted to engage with it. Nippon Paint had already been rebuffed in May with a €12.5 bn offer for the entire group. Update (5 August 2026): at the shareholder meetings on 5 August 2026 both AkzoNobel and Axalta shareholders approved the planned all-share merger; AkzoNobel reports an overwhelming majority for all merger resolutions. Completion remains subject to regulatory approvals and is expected at the end of 2026 or the beginning of 2027. Any rapprochement with Nippon Paint is therefore off the table for the foreseeable future.