AkzoNobel rejects €12.5bn takeover bid from Nippon Paint and Sherwin-Williams

Dutch paint and coatings company AkzoNobel has rejected a €12.5 billion cash takeover bid made jointly by Nippon Paint and Sherwin-Williams, DutchNews reported.

AkzoNobel stated it prefers to proceed with its own merger plan rather than accept the unsolicited offer.

The rejection sets up a potential standoff between AkzoNobel's board and two of the world's largest coatings companies. Nippon Paint is a Japanese group and Sherwin-Williams is a major US competitor.

AkzoNobel gave no further financial details about its preferred merger plan in the summary reported by DutchNews.

The bid, if successful, would have represented one of the largest acquisitions in the European coatings sector. AkzoNobel's board has made clear it is not willing to open discussions on the €12.5 billion offer.