AkzoNobel Rejects £6.5bn Bid for Dulux Paint Business

AkzoNobel has rejected a €7.5bn (£6.5bn) approach from Nippon Paint for its decorative paints division, which includes the Dulux brand. The Dutch coatings company said the offer significantly undervalues the business.

The company confirmed it had received several conditional and non-binding proposals from the Japanese paintmaker. AkzoNobel's board determined the bids did not capture the full value of the division, one of the largest decorative paint operations in Europe.

The rejection leaves Nippon Paint without a clear path to the Dulux brand. The Japanese company has been looking to expand its European footprint through acquisitions.

AkzoNobel did not disclose whether it would consider a higher offer.