Nippon Paint Group and The Sherwin-Williams Company said they are reviewing their next steps after AkzoNobel rejected their joint acquisition proposals, escalating uncertainty around a potential major reshaping of the global coatings industry.
The companies confirmed they had submitted two separate joint proposals—on 16 April 2026 and again on 29 April 2026—seeking a recommended public offer for AkzoNobel. The boards of AkzoNobel have rejected both approaches.
The bidders said they had “carefully considered AkzoNobel’s all-stock merger with Axalta announced on 18 November 2025,” describing it as an alternative strategic path for the Dutch coatings group. They also said they sought “constructive discussions” with AkzoNobel but were ultimately rebuffed.
Following the rejection, Nippon Paint Group and Sherwin-Williams stated they are “considering their next steps if any.”
The joint plan would have split AkzoNobel’s businesses between the two global paint giants. Under the proposal, Nippon Paint Group would acquire AkzoNobel’s Decorative Paints and Industrial Coatings division, known as “Deco,” while Sherwin-Williams would take over the Marine & Protective, Automotive & Specialty, and Powder Coatings businesses, collectively referred to as “Coatings.”
The companies argued the breakup would unlock value and accelerate growth, stating both businesses would gain “access to incremental resources and capital” within stronger global platforms.
They added that the arrangements would provide “clear strategic ownership with sustainable, successful business peers, with full respect for AkzoNobel’s heritage, identity and businesses.”
For Nippon Paint Group, the deal would have expanded its decorative paints portfolio and potentially reunified the Dulux brand globally, while accelerating international expansion.
Sherwin-Williams said the acquisition would strengthen its position in premium coatings segments where it currently has limited exposure.
Both companies emphasized they had assessed stakeholder interests and believed the proposals would have delivered “significant strategic benefits” before AkzoNobel’s board rejection halted discussions.
