Nippon Paint Holdings (4612.T): Implications of reported offer to acquire AkzoNobel’s decorative paints business

Research evidence excerpt

Nippon Paint Holdings (4612.T): Implications of reported offer to acquire AkzoNobel’s decorative paints business

Equity Research

13 July 2026 | 2:50PM JST

Nippon Paint Holdings (4612.T): Implications of reported offer to

acquire AkzoNobel’s decorative paints business

According to Bloomberg and other media reports on July 13, Nippon Paint has made Atsushi Ikeda

+81(3)4587-9940 |

multiple offers over the past month to acquire AkzoNobel’s decorative paints atsushi.ikeda@gs.com

Goldman Sachs Japan Co., Ltd.

business (link). The reports indicate that Nippon Paint submitted an initial proposal

Yuri Izumikawa

three weeks ago and subsequently presented an offer last week valuing the business +81(3)4587-3643 |

at approximately €7.5 bn (around ¥1.4 tn), working out to roughly 12X FY2026E yuri.x.izumikawa@gs.comGoldman Sachs Japan Co., Ltd.

EBITDA per Bloomberg.

This news comes only one month after Nippon Paint abandoned its joint bid with

U.S.-based Sherwin-Williams for the entire AkzoNobel group, following the rejection

of two all-cash proposals. If the latest reports are accurate, Nippon Paint has

effectively resumed its pursuit of AkzoNobel, this time independently and still with

its focus on the decorative paints business. Within this note we summarize the key

implications.

Focus on decorative paints and regional synergies: We view the reported offer as

consistent with Nippon Paint Holdings’ strategic direction, namely its emphasis on

decorative and architectural coatings and continued geographic expansion. Nippon

Paint Co-President Yuichiro Wakatsuki has consistently emphasized the company’s

focus on general-purpose (architectural) coatings.

Under the previous consortium proposal, Nippon Paint would have retained