UPDATE 1-Nippon Paint, Sherwin-Williams end pursuit of AkzoNobel after rejection

The Sherwin-Williams

The Sherwin-Williams

SHW

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Adds share move paragraph 2

TOKYO, June 3 (Reuters) - Nippon Paint 4612.T and Sherwin-Williams SHW.N said on Wednesday they had decided to terminate their efforts to jointly acquire rival paint maker AkzoNobel AKZO.AS.

Shares of the Dulux paint maker fell more than 20% in early trade after being halted initially, set for their worst-ever trading day if the losses hold.

The companies' decision followed AkzoNobel's rejection of their €12.5 billion ($14.5 billion) cash takeover offer last week.

($1 = €0.8610)


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