Nippon Paint is reportedly seeking to acquire AkzoNobel's decorative paints business, valuing the latter at nearly $8.6 billion.

Glonghui, July 13 — According to market sources, Nippon Paint made its first offer for AkzoNobel's decorative paints business three weeks ago and submitted a follow-up offer last week, valuing the business at 7.5 billion euros (approximately $8.6 billion). Reportedly, AkzoNobel's management has not yet contacted Nippon Paint regarding the offer nor informed its shareholders. According to insiders, no final decision has been made, and Nippon Paint may choose to abandon the acquisition.