The Nippon Paint Proposal constitutes an Alternative Proposal, as defined in the merger agreement between AkzoNobel and Axalta Coating Systems Ltd. (“Axalta”), restricting AkzoNobel from any engagement. It also significantly undervalues AkzoNobel’s Decorative Paints business, as previously communicated to Nippon Paint.
AkzoNobel has confirmed multiple conditional, non-binding Nippon Paint proposals for its Decorative Paints business.
The indicative enterprise valuation is €7.5 billion (~$8.8 billion), while AkzoNobel says the approach undervalues the unit.
For coatings and chemicals buyers, the company’s boards still back the all-stock merger of equals with Axalta.
The Board of Management and the Supervisory Board of AkzoNobel (the “Boards”) continue to unanimously recommend the merger of equals between AkzoNobel and Axalta, taking into account the compelling strategic rationale and benefits as set out in the AkzoNobel and Axalta joint press release of November 18, 2025.
Further announcements will be made if and when appropriate.
Note: The headline, insights, and image of this press release may have been refined by the ALCHEMPro staff; the rest of the content remains unchanged.
ALCHEMPro News Desk
