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Nippon Paint Group and Sherwin-Williams stated they are “considering their next steps if any.
Nippon Paint Group and The Sherwin-Williams Company said they are reviewing their next steps after AkzoNobel rejected their joint acquisition proposals, escalating uncertainty around a possible major reshaping of the global coatings sector.
The companies confirmed they had submitted two separate joint proposals—on 16 April 2026 and again on 29 April 2026—seeking a recommended general offer to AkzoNobel. The boards of AkzoNobel have rejected both approaches.
The bidders said they had “carefully considered AkzoNobel’s all-stock merger with Axalta announced on 18 November 2025,” describing it as an alternative strategic path to the Dutch coatings group. They also said they sought “constructive discussions” with AkzoNobel however were ultimately rebuffed.
Following the rejection, Nippon Paint Group and Sherwin-Williams stated they are “considering their next steps if any.”
The joint plan would have split AkzoNobel’s businesses between the two global paint giants. Under the proposal, Nippon Paint Group would acquire AkzoNobel’s Decorative Paints and manufacturing Coatings division, known as “Deco,” while Sherwin-Williams would take over the Marine & Protective, Automotive & Specialty, and Powder Coatings businesses, collectively referred to as “Coatings.”
The companies argued the breakup would unlock value and accelerate development, stating both businesses would gain “access to incremental resources and capital” within stronger global platforms.
They added that the arrangements would provide “clear strategic ownership with sustainable, successful business peers, with full respect to AkzoNobel’s heritage, identity and businesses.”
to Nippon Paint Group, the deal would have expanded its decorative paints portfolio and possibly reunified the Dulux brand globally, while accelerating international expansion.
Sherwin-Williams said the acquisition would enhance its position in premium coatings segments where it currently has limited exposure.
Both companies emphasized they had assessed stakeholder interests and believed the proposals would have delivered “significant strategic benefits” before AkzoNobel’s board rejection halted discussions.
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