Nippon Paint said it submitted a 7.5 billion euro proposal for AkzoNobel’s decorative-paints business as it seeks to outbid a planned combination with Axalta Coating Systems.
Nippon Paint has made several approaches for AkzoNobel’s decorative-paints business, and on Monday said it submitted a proposal to buy the unit for 7.5 billion euros, equivalent to about $8.56 billion. The bid marks the Japanese company’s latest effort to trump a proposed tie-up between the Dutch company and U.S. rival Axalta Coating Systems. Bloomberg News had earlier reported that Nippon Paint made multiple offers over the past month, including one last week valuing the business at about 7.5 billion euros. The interest highlights continued dealmaking focus on decorative-paint assets, which are prized for their consumer brands and distribution networks.