Nippon Paint Holdings has proposed a €7.5 billion acquisition of AkzoNobel's decorative paints business, marking the largest-ever bid for the Dutch company's coatings division. The offer values the unit at 12 times its projected 2026 EBITDA.
AkzoNobel's management has not engaged with the proposal or communicated it to shareholders. The move follows a failed joint attempt last month by Nippon Paint and Sherwin-Williams to acquire the entire firm for roughly €12.5 billion, which AkzoNobel rejected in May. Nippon Paint shares fell 3.8% on Monday to around 1,033 yen.
AkzoNobel continues to pursue a merger with Axalta Coating Systems, with shareholder votes scheduled for August 5. The combined entity would carry an enterprise value of approximately $25 billion.