Nippon Paint Holdings Co., Ltd.

AkzoNobel said on Monday it has agreed to sell its Southeast Asian decorative paints business to Nippon Paint for $1.35 billion, concluding its strategic review of its Asian decorative paints portfolio. The sale covers decorative paints operations in Vietnam, Indonesia, Malaysia, Thailand, Singapore, Papua New Guinea, and Australia, the Dutch paints maker said, adding that it expects net cash proceeds of about $1 billion after tax and payments to minority partners. The Dulux paintmaker earlier divested its decorative paints operations in India and Pakistan for $1.6 billion and 50 million euros, respectively. The Indonesia deal is expected to close separately in late 2026, while the remaining transactions are expected to close around mid-2027. AkzoNobel said it will now focus on the successful closing of its merger with US coatings maker Axalta, which was announced last November.

Nippon Paint Holdings announced on the 13th that it has proposed to acquire the architectural coatings business of Dutch paint giant AkzoNobel. It has offered a total of 7.5 billion euros. In April, Nippon Paint Holdings jointly made a full takeover bid for AkzoNobel with US paint giant Sherwin-Williams, but the company rejected it. AkzoNobel announced plans last November to merge with US peer Axalta.