Nippon Paint HD, US firm offer 73 euros for Akzo Nobel

2026-05-28

Offer price disclosed

It was learned that Nippon Paint Holdings (HD) and US paint maker Sherwin-Williams, the world’s biggest by sales, had made a joint takeover offer for Akzo Nobel, the Netherlands-based No. 3 player. The offer was 73 euros per share, or about 13,500 yen, and the total value is seen at around 2 trillion yen. Akzo Nobel on the 27th rejected the offer, saying it did not reflect its value or long-term outlook. Nippon Paint HD said it will continue to consider the matter, and whether to raise the bid price will be the key focus going forward.

Business split if deal proceeds

If the takeover is completed, Nippon Paint HD is expected to take over Akzo Nobel’s decorative paints and industrial coatings businesses, while Sherwin-Williams would inherit its marine, aerospace and automotive refinish paint operations, among others. Sherwin-Williams is the world’s top paint maker by sales, while Nippon Paint HD ranks fourth. Akzo Nobel announced in November 2025 that it would merge with US-based Axalta Coating Systems, which ranks sixth. Nippon Paint HD has boosted its corporate value through a series of mergers and acquisitions. In 2025, it bought US chemical company AOC for about 630 billion yen.

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