Nippon Paint Offers $8.6 Billion for Akzo Nobel’s Paint Business

July 13, 2026 - 03:06

Japanese coatings giant Nippon Paint Holdings Co. has submitted a takeover offer for the decorative paints division of Dutch competitor Akzo Nobel NV, according to sources familiar with the matter. The bid, valued at roughly $8.6 billion, was presented to Akzo Nobel's board within the past month. The proposed acquisition would give Nippon Paint a significant foothold in Europe and the Americas, where Akzo Nobel's brands like Dulux and Sikkens hold strong market positions.

Akzo Nobel, known for its consumer and professional paint lines, has been under pressure from activist investors to streamline operations and boost shareholder returns. The company has already shed several non-core assets in recent years, including its specialty chemicals business. However, a full sale of its decorative paints unit would mark a major strategic shift, leaving the company focused primarily on its industrial coatings segment.

Nippon Paint, backed by investment firm Wuthelam Group, has been aggressively expanding through acquisitions. The company previously purchased the paints and coatings business of Australia's DuluxGroup in 2019. Analysts note that a deal for Akzo Nobel's unit would create the world's largest paint company by revenue, surpassing current leader Sherwin-Williams. Negotiations are still ongoing, and there is no guarantee that a final agreement will be reached. Akzo Nobel has declined to comment on the bid, while Nippon Paint representatives have not responded to requests for confirmation.