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According to industry insiders, global coatings leader Nippon Paint has continuously sent acquisition offers to Dutch coatings company Akzo Nobel over the past month, with the acquisition target focusing on the latter's core decorative coatings segment. Sources reveal that Nippon Paint's highest bid for this business reached 7.5 billion euros, equivalent to approximately 57.9 billion RMB.
The core objective of this acquisition is to secure globally renowned home decoration coating products brands such as Dulux under Akzo Nobel. Through the acquisition of related assets, Nippon Paint aims to rapidly supplement its overseas channel resources and further expand its global operations.
However, as of now, the progress of the transaction remains unclear.
Messages indicate that Akzo Nobel's regulation has not yet initiated formal discussions with Nippon Paint regarding this offer to the standalone business, nor have they reported the related acquisition proposal to the company's shareholders. Insiders close to the deal stated that no clear summary has been formed between the two parties at this stage, and there is a possibility that Nippon Paint might abandon this acquisition plan midway.
This is not the first time Nippon Paint has offered acquisition terms to Akzo Nobel.
In the past year, Nippon Paint, together with U.S. coatings company Sherwin-Williams, launched a full acquisition proposal to Akzo Nobel, however both rounds of acquisition plans were rejected by the Akzo Nobel board.
After the overall acquisition proposal was frustrated, Akzo Nobel determined a new research path, concentrating resources to push forward the merger with Axalta coating products Systems. Reviewing the previous capital maneuvering process, Nippon Paint and Sherwin-Williams simultaneously issued announcements confirming receipt of Akzo Nobel's formal statement rejecting the full acquisition proposal. At that time, both companies stated externally that they were evaluating various subsequent capital operation options; this separate acquisition of the decorative coatings business is precisely a new scheme launched by Nippon Paint after adjusting its competitive strategy following the failure of the overall merger.
As of now, neither Nippon Paint nor Akzo Nobel has issued an official announcement regarding the above acquisition rumors.
Market analysts indicate that the M&A rivalry among global coatings giants continues to heat up. Whether the subsequent transaction can materialize and how the strategic choices of various parties will evolve remain to be further disclosed by the companies.
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