Why did Akzo Nobel reject Nippon Paint and Sherwin-Williams' €12.5 billion offer?

Akzo Nobel rejected the €12.5 billion cash offer from Nippon Paint and Sherwin-Williams because it plans to proceed with its merger with US firm Axalta Coating Systems Ltd., citing the superiority of the Axalta deal and antitrust concerns with the rejected offer.

What was the per-share value of the rejected offer, and how did Akzo Nobel's stock react?

The rejected offer was €73 per share, which was significantly higher than Akzo Nobel's recent closing price, causing its shares to jump.

Akzo Nobel Rejects €12.5 Billion Offer from Nippon Paint

May 27, 2026

Akzo Nobel rejected a €12.5 billion cash offer from Nippon Paint and Sherwin-Williams, opting to merge with Axalta Coating Systems due to antitrust concerns and superior deal terms.

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