TOKYO and CLEVELAND — ANewswire — May 27, 2026 — Nippon Paint Group and Sherwin-Williams note today's press release issued by AkzoNobel regarding their proposal to acquire all of the issued and outstanding shares of AkzoNobel (the "Joint Proposal"). The Joint Proposal was rejected by the Boards of AkzoNobel, and Nippon Paint Group and Sherwin-Williams are considering their next steps, if any.
Nippon Paint Group and Sherwin-Williams carefully considered AkzoNobel's all-stock merger with Axalta announced on 18 November 2025, which set out an alternative path to AkzoNobel's standalone strategy. Nippon Paint Group and Sherwin-Williams thoroughly assessed options for engaging with AkzoNobel at this pivotal moment, in accordance with the terms of AkzoNobel's existing merger agreement with Axalta, and jointly submitted the comprehensive Joint Proposal to the Boards of AkzoNobel for a recommended public offer for AkzoNobel, taking the interests of all stakeholders of AkzoNobel into account. The Joint Proposal does not include any financing conditions and is not subject to Sherwin-Williams or Nippon Paint shareholders' approvals. The Joint Proposal submitted on 29 April 2026 followed a previous offer on 16 April 2026.
Nippon Paint Group and Sherwin-Williams expressed to the Boards of AkzoNobel their desire to enter into constructive discussions with AkzoNobel about the Joint Proposal, but AkzoNobel informed Nippon Paint Group and Sherwin‑Williams that its Boards rejected the Joint Proposal. In light of this decision, Nippon Paint Group and Sherwin‑Williams are considering their next steps if any.
The Joint Proposal envisages the acquisition of AkzoNobel's Decorative Paints and Industrial Coatings business ("Deco") by Nippon Paint Group and the acquisition of AkzoNobel's Marine & Protective Coatings, Automotive & Specialty Coatings and Powder Coatings businesses ("Coatings") by Sherwin-Williams.
Nippon Paint Group and Sherwin-Williams have assessed and taken into account the interests of all AkzoNobel stakeholders and firmly believe that the Joint Proposal offers significant strategic benefits to AkzoNobel's businesses. Both the Deco and Coatings businesses would become part of robust global platforms offering greater access to incremental resources and capital that would allow them to prosper and accelerate growth. Both combinations would provide AkzoNobel's businesses with clear strategic ownership with sustainable, successful business peers, with full respect for AkzoNobel's heritage, identity and businesses.
For Nippon Paint Group, the potential acquisition of AkzoNobel's Deco business would further strengthen its decorative paints portfolio, including the reunification of the Dulux brand on a global basis, while accelerating international growth across key markets.
For Sherwin-Williams, the potential acquisition of AkzoNobel's Coatings business would complement Sherwin-Williams's existing portfolio and enhance its position in certain specific premium coatings segments where Sherwin-Williams currently has limited presence.
Nippon Paint Group and Sherwin-Williams will provide further updates as appropriate and in accordance with applicable laws and regulations.
Bank of America is acting as financial advisor and A&O Shearman is serving as legal advisor to Nippon Paint Group. Citi is acting as financial advisor, and Weil, Gotshal & Manges LLP and Stibbe are both serving as legal advisors to Sherwin-Williams.
About Nippon Paint Group
Nippon Paint Group is a global leader in paint and adjacencies businesses—No. 1 in Asia and No. 4 worldwide—delivering innovative solutions that create high added value for customers. Headquartered in Japan, we accelerate growth through our unique Asset Assembler model built on two pillars: expanding our existing businesses and actively seeking M&A opportunities. With operations spanning 48 regions, we leverage strong brands and high-quality solutions to strengthen our competitive position in each market and continuously expand market share, driven by an unrelenting ambition to grow.
About The Sherwin-Williams Company
Founded in 1866, The Sherwin-Williams Company is a global leader in the manufacture, development, distribution, and sale of paint, coatings and related products to professional, industrial, commercial, and retail customers. The Company manufactures products under well-known brands such as Sherwin-Williams®, Valspar®, HGTV HOME® by Sherwin-Williams, Dutch Boy®, Krylon®, Minwax®, Thompson's® WaterSeal®, Cabot®, Suvinil® and many more. With global headquarters in Cleveland, Ohio, Sherwin-Williams® branded products are sold exclusively through more than 5,400 Company-operated stores and branches, while the Company's other brands are sold through leading mass merchandisers, home centers, independent paint dealers, hardware stores, automotive retailers, and industrial distributors. The Sherwin-Williams Performance Coatings Group supplies a broad range of highly-engineered solutions for the construction, industrial, packaging and transportation markets in more than 120 countries around the world. Sherwin-Williams shares are traded on the New York Stock Exchange (symbol: SHW). For more information, visit www.sherwin.com
Nippon Paint Group
Media contact
Rene Loman
Spokesperson
rene.loman@confidantpartners.com
+31 6 5185 2226 (direct)