Why did AkzoNobel reject Nippon Paint's €7.5 billion offer for its decorative paints business?

AkzoNobel rejected Nippon Paint's €7.5 billion proposal because it constitutes an 'alternative proposal' prohibited under the terms of its previously announced merger agreement with Axalta Coating Systems Ltd., and because AkzoNobel stated the offer 'significantly undervalues' its decorative paints business — a position it had already communicated to Nippon Paint.

What is AkzoNobel's official stance on the proposed merger with Axalta amid Nippon Paint's new offer?

AkzoNobel's board of management and supervisory board continue to 'unanimously recommend the merger of equals between AkzoNobel and Axalta', reaffirming their commitment to that transaction despite receiving Nippon Paint's conditional, non-binding proposal for its decorative paints business.

AkzoNobel Rejects €7.5 Billion Offer from Nippon Paint for Decorative Paints Business

Jul 13, 2026

AkzoNobel has rejected Nippon Paint’s €7.5 billion offer for its decorative paints business, citing undervaluation. The company reaffirmed its unanimous recommendation for the merger with Axalta Coating Systems instead.

AkzoNobel Turns Down €7.5B Offer by Nippon Paint for Decorative Paints Business

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AkzoNobel Rejects €7.5 Billion Offer from Nippon Paint for Decorative Paints Business

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