Why did AkzoNobel reject Nippon Paint's €7.5 billion bid for its Decorative Paints business?

AkzoNobel rejected Nippon Paint's €7.5 billion bid because it deemed the offer 'significantly undervalues AkzoNobel’s Decorative Paints business' and stated it is unable to engage with the proposal due to its existing merger agreement with Axalta Coating Systems, valued at $25 billion.

What is AkzoNobel's current strategic recommendation regarding its Decorative Paints business?

AkzoNobel continues to recommend the merger with Axalta Coating Systems, citing the 'compelling strategic rationale and benefits' outlined in their joint press release of 18 November 2025, and expects the deal—which would create a global coatings firm with an enterprise value of around $25 billion—to close in late 2026 or early 2027.

Dutch AkzoNobel confirms bids by Nippon Paint for decorative paint business

Jul 13, 2026

AkzoNobel confirmed Nippon Paint's bids for its Decorative Paints business but rejected the €7.5 billion valuation as undervalued, preferring its $25 billion merger with Axalta Coating Systems.

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