Overview
- Nippon Paint Group and The Sherwin‑Williams Company said on Wednesday they have ended their joint effort to acquire AkzoNobel after the Dutch group rejected their all‑cash proposal.
- AkzoNobel shares fell about 19–20 percent in early trading and were temporarily halted following the withdrawal, producing the company's steepest one‑day drop in the coverage provided.
- AkzoNobel's management and supervisory boards reiterated their unanimous recommendation of the planned merger with U.S. coatings maker Axalta and a shareholder vote is expected in early July according to coverage.
- AkzoNobel rejected the €73‑per‑share, €12.5 billion proposal on grounds that it undervalued the company and posed execution and regulatory risks because the offer required a complex carve‑up of businesses between the two bidders.
- The bidders stressed that no binding offer was made and warned outcomes depended on due diligence, board decisions and regulatory approvals, leaving the Axalta deal as the most likely path forward but still subject to contractual and clearance hurdles.