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AkzoNobel has disclosed multiple conditional, non-binding proposals from Nippon Paint for its Decorative Paints business, but its July 13, 2026 announcement does not confirm a deal, say one is near completion, or identify a Southeast Asia-only unit. AkzoNobel put the proposals’ indicative enterprise valuation at €7.5 billion, said it significantly undervalued the business, and said its merger agreement with Axalta restricted it from engaging.
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What AkzoNobel’s July announcement says
On July 13, 2026, AkzoNobel said it had received multiple conditional, non-binding proposals from Nippon Paint Holdings Co. for the potential acquisition of AkzoNobel’s Decorative Paints business. The indicative enterprise valuation was €7.5 billion on a cash-free and debt-free basis. That figure is a proposal valuation, not a reported price for a completed sale. AkzoNobel’s announcement described the proposals as an “Alternative Proposal” under its merger agreement with Axalta Coating Systems.
AkzoNobel said the merger agreement restricted it from engaging on the proposals and that their indicative valuation significantly undervalued the business. Its management and supervisory boards continued unanimously to recommend the merger of equals with Axalta.
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The announcement did not describe a definitive offer or signed sale agreement, set a closing timetable, or identify the countries or legal entities included. In particular, it does not substantiate the “SE Asia unit” scope or “nears deal” characterization in the headline.
How the July proposals differ from the earlier joint bid
The Nippon Paint proposals disclosed in July should not be confused with a separate, earlier effort involving Nippon Paint and Sherwin-Williams to acquire all of AkzoNobel. On May 27, AkzoNobel disclosed that it had rejected a conditional, non-binding all-cash proposal received April 29, following an earlier proposal submitted April 16 and rejected April 22.
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The April 29 proposal offered an indicative €73 per AkzoNobel share, excluding regular annual and interim dividends. Under that proposed division of the company, Nippon Paint would have retained Decorative Paints and Industrial Coatings, while Sherwin-Williams would have acquired Automotive & Specialty Coatings, Marine & Protective Coatings, and Powder Coatings. AkzoNobel said the proposal did not qualify, nor was it reasonably expected to qualify, as a “Superior Proposal” under its Axalta merger agreement. Its concerns included inadequate value, insufficient certainty about regulatory clearance and the proposed business separation, and inadequate safeguards for stakeholder interests. AkzoNobel’s May 27 statement sets out the terms and its reasons for rejection.
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On June 3, Nippon Paint Group and Sherwin-Williams announced that they had ended their joint efforts to acquire AkzoNobel after AkzoNobel rejected both joint all-cash offers. Their announcement concerns that earlier joint, company-wide effort. It does not state that Nippon Paint withdrew the separate Decorative Paints proposals AkzoNobel disclosed in July.
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Why Southeast Asia is mentioned—and what remains unverified
AkzoNobel says its portfolio review focuses on paints businesses where it holds a sub-scale position, primarily in Asia Pacific, and that its Deco Asia strategic review began in late 2024. This provides regional strategy context, but it does not establish that the July proposals concern a Southeast Asia-only unit or that a transaction is near completion. AkzoNobel’s first-half 2026 results describe the portfolio-review context.
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What the disclosures establish at a glance
| Proposal | Scope and terms disclosed | Status in AkzoNobel’s statements |
|---|---|---|
| July 2026 Nippon Paint proposals | Potential acquisition of Decorative Paints; indicative enterprise valuation of €7.5 billion, cash-free and debt-free | Multiple conditional, non-binding proposals; AkzoNobel said they significantly undervalued the business and its Axalta agreement restricted engagement. No signed deal or regional scope stated. |
| April 29, 2026 joint Nippon Paint/Sherwin-Williams proposal | All AkzoNobel shares at an indicative €73 per share, excluding regular annual and interim dividends; proposed division of business units between the two companies | Rejected by AkzoNobel on May 1; the joint effort ended in June. |
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