![\"Dulux](\"https:\/\/www.newsbeep.com\/il\/wp-content\/uploads\/2026\/07\/1783942689_809_0x0.jpg\")
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Dulux paint production at Akzo Nobel NV’s paint factory in Ashington, U.K.<\/p>\n
\u00a9 2017 Bloomberg Finance LP<\/p>\n
Akzo Nobel<\/a> said its board has rejected the \u20ac7.5 billion ($8.5 billion) takeover bid by Nippon Paint Holdings\u2014controlled by the family of late Singaporean billionaire Goh Cheng Liang<\/a>\u2014for the company\u2019s decorative paints unit as it continues to back the proposed merger with Axalta Coating Systems.<\/p>\n Amsterdam-based Akzo Nobel, best known for its Dulux paint brand, said the proposal from Tokyo-listed Nippon Paint significantly undervalues Akzo Nobel\u2019s decorative paints business, the Dutch paints giant said in a statement <\/a>on Monday.<\/p>\n \u201cThe board continues to unanimously recommend the merger of equals between AkzoNobel and Axalta, taking into account the compelling strategic rationale and benefits,\u201d the company said in the statement.<\/p>\n The Nippon offer comes just a month after the Japanese company and Sherwin-Williams Co. ended a joint bid to buy all of Akzo Nobel after the Dutch paint maker said the joint bid would have difficulty getting regulatory approval.<\/p>\n In November, Akzo Nobel agreed to merge with Philadelphia-based Axalta Coating Systems, creating a company with combined annual revenue of about $17 billion and an enterprise value of roughly $25 million. Under the agreement, Akzo Nobel shareholders will own 55% of the new company, while Axalta shareholders will hold the remaining 45%. The combined company, which is expected to generate annual cost savings of $600 million, will be listed on the New York Stock Exchange.<\/p>\n