Nippon Paint has made multiple offers for AkzoNobel's decorative paints business in the past month, including a proposal valuing the unit at €7.5 billion ($8.55 billion) last week, Bloomberg News reported on Sunday, citing people familiar with the matter.
Nippon Paint had previously sought to buy AkzoNobel's entire business along with U.S.-based Sherwin-Williams for €12.5 billion, but the bid was rejected in May, after which the two withdrew their offer.
Reuters could not immediately verify the report. Nippon Paint did not immediately respond to a request for comment, while AkzoNobel did not respond to a request for comment outside regular business hours.
AkzoNobel's management did not engage with Nippon Paint regarding the offer, which values the business at about 12 times its 2026 earnings before interest, taxes, depreciation, and amortization, nor did it inform shareholders of the approach, Bloomberg News said.
Nippon Paint could still abandon its pursuit of the business, the report added.
Also read: AkzoNobel rejects €12.5 billion Nippon Paint, Sherwin-Williams takeover offer
AkzoNobel, which makes the Dulux brand of paints, had said Nippon Paint and Sherwin-Williams' bid to take over the entire firm 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. The two firms are set to hold shareholder meetings to vote on the merger on August 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 on imported goods.
