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2w ago

JSW Paints Formalizes Rs 8,986 Crore Takeover of Akzo Nobel India

JSW’s acquisition for up to 74.76% in Akzo Nobel India now awaits CCI clearance before a mandatory open offer to public shareholders.

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Akzo Nobel shares surge 8% as JSW Paints signs deal to acquire promoter stake
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Overview

  • JSW Paints has signed a share purchase agreement to acquire up to 74.76% of Akzo Nobel India for a maximum consideration of Rs 8,986 crore.
  • Dutch promoters Imperial Chemical Industries Ltd and Akzo Nobel Coatings International B.V. have agreed to sell their entire 74.76% stake in the Indian unit.
  • The deal, subject to CCI approval and closing adjustments, will trigger a mandatory open offer for up to 26% of Akzo Nobel India under SEBI takeover regulations.
  • JSW’s combined market share will rise to around 9.2–10%, making it the country’s fourth-largest paint maker and the second-largest in industrial coatings.
  • JSW outbid rival contenders including an Indigo Paints–Advent consortium and Pidilite Industries to secure the acquisition after competitive negotiations.