Why did AkzoNobel reject the joint takeover offer from Nippon Paint and Sherwin-Williams?

AkzoNobel rejected the £10.8bn joint takeover offer from Nippon Paint and Sherwin-Williams because it deemed the offer to 'undervalue the company' and found it lacking 'sufficient deal certainty'.

What is AkzoNobel's alternative strategic plan following the rejection of the joint offer?

Instead of accepting the joint offer, AkzoNobel plans to proceed with its proposed merger with Axalta—a merger of equals that would create a global coatings company valued at £19bn and generate significant cost synergies; the company's boards have unanimously recommended this merger.

AkzoNobel Rejects Joint Nippon Paint and Sherwin-Williams Proposal

Jun 1, 2026

AkzoNobel rejected a £10.8bn joint takeover bid from Nippon Paint and Sherwin-Williams, citing undervaluation. Instead, it plans to merge with Axalta to form a global coatings giant valued at £19bn.

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