Nippon Paint bids $8.6 billion for AkzoNobel’s decorative paints business: Report

MUMBAI: Nippon Paint has made multiple offers to acquire AkzoNobel’s decorative paints business, including a proposal valuing the unit at €7.5 billion ($8.6 billion), according to a Bloomberg News report, as the Japanese coatings company renews efforts to expand through acquisitions.

Citing people familiar with the matter, Bloomberg reported that Nippon Paint submitted several bids over the past month, with its latest offer made last week valuing the business at around 12 times its estimated 2026 earnings before interest, taxes, depreciation and amortisation (EBITDA).

According to the report, AkzoNobel’s management did not engage with Nippon Paint over the proposal and did not inform shareholders about the approach.

Reuters said it could not independently verify the report. Nippon Paint did not immediately respond to requests for comment, while AkzoNobel was unavailable for comment outside regular business hours.

The latest approach follows the collapse of a broader takeover attempt earlier this year. In May, Nippon Paint and US-based Sherwin-Williams jointly offered €12.5 billion to acquire AkzoNobel, but the Dutch paint maker rejected the proposal, saying it undervalued the company, carried regulatory uncertainties and would require splitting the business between two buyers.

Following the rejection, both bidders withdrew their offer.

AkzoNobel, which owns the Dulux paint brand, is instead proceeding with its previously announced merger with US coatings manufacturer Axalta. Shareholders of both companies are scheduled to vote on the transaction on August 5.

The Bloomberg report added that Nippon Paint could still walk away from its pursuit of the decorative paints business.

The renewed acquisition interest comes as global paint makers seek consolidation to offset rising raw material costs, intense competition and continued uncertainty linked to US trade tariffs.