(Reuters) — Japanese Nippon Paint has offered to buy Dutch AkzoNobel’s decorative paints business for 7.5 billion euros ($8.55 billion), the company said on Monday.
Nippon Paint had previously sought to buy AkzoNobel’s entire business along with U.S.-based Sherwin-Williams for 12.5 billion euros, but the bid was rejected in May, after which the two withdrew their offer.
AkzoNobel did not respond to a request for comment outside regular business hours. No specific matters regarding the acquisition have been decided, Nippon Paint said.
The approach was first reported by Bloomberg News on Sunday.
Nippon Paint has made multiple offers in the past month, but AkzoNobel neither informed shareholders nor engaged on the 7.5 billion-euro proposal put forward last week, Bloomberg News reported, citing people familiar with the matter.
AkzoNobel, which makes Dulux brand paints, had said Nippon Paint and Sherwin-Williams’ bid to take over the entire company undervalued its business, lacked certainty on regulatory clearances and would split the company between two suitors.
Instead, it is pushing ahead with an earlier plan to merge with U.S. coatings maker Axalta; those two companies are to hold shareholders meetings to vote on the merger on Aug. 5.
Paint makers are pursuing mergers to save money amid rising costs, intense competition and uncertainty sparked by U.S. President Donald Trump’s tariffs.