Nippon Paint and Sherwin-Williams End AkzoNobel Bid
Nippon Paint and Sherwin-Williams terminated their joint 12.5 billion euro bid for AkzoNobel. Shares in the target company fell over 20 percent on Wednesday.
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NIPPON PAINT HOLDINGS CO LTD and SHERWIN-WILLIAMS CO/THE terminated their joint €12.5 billion ($14.5 billion) bid for AkzoNobel on June 3. The withdrawal follows AkzoNobel's rejection of the cash offer last week. The collapse of the deal removes a major consolidation catalyst from the global coatings sector.
