BREAKINGVIEWS-Dutch defenses easily thwart flaky paint crashers

The Sherwin-Williams

The Sherwin-Williams

SHW

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The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Jennifer Johnson

LONDON, June 3 (Reuters Breakingviews) - Nippon Paint and Sherwin-Williams abandoned a €12.5 bln bid for Netherlands-based AkzoNobel, itself in the midst of a merger. The country’s governance quirks can stymie corporate raiders, as seen in PPG’s tilt in 2017. This time, a complex deal didn’t help the interlopers’ case.

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CONTEXT NEWS

Nippon Paint and Sherwin-Williams said on June 3 that they were abandoning their attempt to acquire rival paint maker AkzoNobel.

The Dutch group revealed last week that it had turned down a €73 per share cash offer from the duo, sending its stock 20% higher.

In a statement, AkzoNobel said that both its boards unanimously continued to recommend its planned merger with U.S. coatings group Axalta, which was announced in November 2025.

The group’s shares were down 19% to €54 as of 1045 BST.


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