Nippon Paint Holdings and Sherwin-Williams have issued a joint statement confirming that the companies are no longer pursuing a €13bn takeover bid for paint and coatings giant AkzoNobel.
Nippon Paint Holdings and The Sherwin-Williams Company made an offer in April 2026 to acquire all issued and outstanding shares in AkzoNobel for €73 in cash per share, excluding regular annual and interim dividends. The proposal was rejected by AkzoNobel on 1 May 2026.
AkzoNobel says both of its boards continue to unanimously support the previously announced merger with rival Axalta, in a cross-border deal that would create a coatings company valued at around $25bn.
The merger with Axalta is expected to close between late 2026 and early 2027, subject to regulatory approvals.
Shares in AkzoNobel fell by 19 per cent on Wednesday morning (3 June 2026) immediately following the announcement. By Thursday (4 June 2026), the stock had recovered slightly but remained 15 per cent below its Tuesday closing level.
In January 2026, AkzoNobel confirmed that Maarten de Vries will remain as chief financial officer for an additional year as the company prepares for the proposed merger with Axalta.
AkzoNobel says it will provide further updates when appropriate.
The news comes at a time of uncertainty for the coatings sector, with issues including stringent regulations, demands for more fuel savings, data validation and global supply chain problems linked to the conflict in the Middle East all putting pressure on the sector.
In September 2024, AkzoNobel confirmed it plans to cut around 2,000 jobs worldwide in an attempt to cut its costs.
The firm’s Q3 2025 results showed its profitability had improved to 15.1 per cent. Its Q1 2026 results show a slight decrease in sales and revenue compared to the same quarter in the previous year.
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