AkzoNobel announced it has received multiple conditional and non-binding proposals from Nippon Paint Holdings Co. (“Nippon Paint”) regarding the potential acquisition of AkzoNobel’s Decorative Paints business at an indicative enterprise valuation of €7.5 billion, or $8.5 billion.

AkzoNobel claims the proposal significantly undervalues AkzoNobel’s Decorative Paints business, as previously communicated to Nippon Paint. The board of management and the supervisory board of AkzoNobel continue to unanimously recommend the merger of equals between AkzoNobel and Axalta, taking into account the compelling strategic rationale and benefits as set out in the AkzoNobel and Axalta joint press release of November 18, 2025.