What was the value and structure of the joint bid made by Sherwin-Williams and Nippon Paint Group for AkzoNobel, and how did AkzoNobel respond?

Sherwin-Williams and Nippon Paint Group submitted a joint $14.5 billion offer to acquire AkzoNobel, with plans to carve up its various paint and coatings businesses between them. AkzoNobel's boards rejected the offer, prompting the bidders to consider their next steps.

What major corporate development involving AkzoNobel occurred shortly before the joint bid was rejected?

Shortly before rejecting the $14.5 billion joint bid from Sherwin-Williams and Nippon Paint Group, AkzoNobel announced an all-stock merger with Axalta in November 2025.

Sherwin-Williams, Nippon Paint make massive joint bid for AkzoNobel

May 28, 2026

Sherwin-Williams and Nippon Paint submitted a rejected $14.5 billion joint offer to acquire AkzoNobel's paint businesses, following the target's prior merger announcement with Axalta.

HBS Dealer

2026-05-27

Akzo Nobel Rejects Cash Offers From Nippon Paint and Sherwin-Williams

2026-05-27

AkzoNobel Rejects Takeover Offer from Nippon Paint and Sherwin-Williams

2026-05-27

AkzoNobel Rejects $14.5 Billion Nippon Paint, Sherwin-Williams Takeover Bid

2026-05-27

Akzo Nobel Rejects Cash Offer as It Moves Forward with Axalta Merger Plans

2026-05-28

AkzoNobel Turns Down €12.5 billion Acquisition Proposal from Nippon Paint Holdings and Sherwin-Williams