Nippon Paint Holdings Co Stock News
AkzoNobel is nearing a deal to sell its south-east Asian decorative paints business to Nippon Paint for well over $1 billion, the Financial Times reported on Sunday citing people familiar with the matter.
The move for the Akzo unit follows an earlier attempt by Nippon Paint to buy the group as a whole and split it with Sherwin-Williams.
Nippon Paint has made multiple offers for Akzo Nobel's decorative paints business in the past month, including a proposal valuing the unit at about 7.5 billion euros ($8.55 billion) last week, Bloomberg News reported on Sunday, citing people familiar with the matter.
AkzoNobel shares were down 19% after Nippon Paint and Sherwin-Williams ended their pursuit of the company.
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