Nippon Paint Group and Sherwin-Williams recently announced that they have decided to end their efforts to jointly acquire AkzoNobel. 

The decision follows AkzoNobel’s previously disclosed rejection of both joint all-cash offers put forward by Nippon Paint and Sherwin-Williams.

Nippon Paint Group and Sherwin-Williams carefully considered AkzoNobel’s all-stock merger with Axalta, announced on Nov. 18, 2025, which set out an alternative path to AkzoNobel’s standalone strategy. Nippon Paint Group and Sherwin-Williams thoroughly assessed options for engaging with AkzoNobel, in accordance with the terms of AkzoNobel’s existing merger agreement with Axalta, and jointly submitted the comprehensive Joint Proposal to the Boards of AkzoNobel for a recommended public offer for AkzoNobel, taking the interests of all stakeholders of AkzoNobel into account. The Joint Proposal did not include any financing conditions and was not subject to Sherwin-Williams or Nippon Paint shareholders’ approvals. The Joint Proposal submitted on April 29, 2026, followed a previous offer on April 16, 2026.