Nippon Paint Holdings made a follow-up bid worth 7.5 billion euros ($8.6 billion) to acquire Akzo Nobel’s decorative paints unit on July 13, 2026, after multiple offers over the past month [1]. The offer values the unit at about 12 times its 2026 EBITDA, reflecting a significant premium [2, 1, 3]. Akzo Nobel's management has not engaged with Nippon Paint or communicated the offers to shareholders [2, 1, 3]. Nippon Paint has not ruled out stopping pursuit of the acquisition [2, 1, 3].
The bid follows the collapse in June 2026 of a joint all-cash bid by Nippon Paint and Sherwin-Williams for the entirety of Akzo Nobel after two rejected offers [2, 1, 3]. Akzo Nobel said the joint bid faced regulatory hurdles and reaffirmed its planned merger with Axalta Coating Systems as the superior option [2, 1, 3]. The Axalta-Akzo merger, valued at about $25 billion enterprise value, remains subject to regulatory review by the U.S. Federal Trade Commission, which requested additional information in May 2026 [2, 1, 3].
If the bid by Nippon Paint succeeds, it would reunite the Dulux brand globally and expand Nippon’s European footprint, as nearly two-thirds of Akzo’s decorative paints revenue comes from Europe [2, 1, 3]. Akzo announced last year it was exploring a sale of parts of its Southeast Asia decorative paints unit, but Nippon Paint is focused on acquiring the entire division and unlikely to bid for the Southeast Asia portion alone [2, 1, 3].
Nippon Paint previously disrupted merger talks between Akzo Nobel and Axalta in 2017 but was unsuccessful in acquiring Axalta itself [2, 1, 3]. That same year, Akzo Nobel rejected a $29 billion unsolicited buyout offer from PPG Industries [2, 1].
The next key step is whether Akzo Nobel management responds to Nippon Paint's latest offer or maintains its merger timetable with Axalta, which is pending regulatory approval.
