JSW Paints completes majority buy in Akzo Nobel India; stake at 61.2%

JSW Paints has completed the acquisition of 60.76% in Akzo Nobel India from Akzo Nobel N.V. and affiliates, taking its holding to 61.2% after buying an additional 0.44% via an open offer

JSW Paints on Wednesday said it has completed the acquisition of a majority stake of 60.76 per cent in Akzo Nobel India from Akzo Nobel N.V. and its affiliates.

 

What is JSW Paints’ total stake in Akzo Nobel India after the open offer?

 

The company had already acquired a 0.44 per cent stake from public shareholders of Akzo Nobel India upon successful completion of an open offer, and its stake now stands at 61.2 per cent post the acquisition.

 

“This transaction positions JSW Paints as one of the major players in the sector which is expected to see robust growth in the years ahead,” the company said in a release.

 

What did JSW Group and JSW Paints leadership say about the deal?

 

Sajjan Jindal, chairman, JSW Group, said in the release: “I am happy to welcome the AkzoNobel India team to the JSW family. We have always believed that India deserves paints and coatings that are trusted and world-class. With Dulux, we are proud to bring global quality to homes and industries across India. Together, there is an incredible opportunity here to build a stronger, brighter and more colorful future for our customers and for India.”

 

Parth Jindal, managing director of JSW Paints, said: “We are delighted to welcome Akzo Nobel India into the JSW family. This is a historic occasion, as it marks one of the largest acquisitions in India’s paints and coatings market. Together, along with the Akzo Nobel India family — employees, customers and partners — we aspire to build the paint company of the future. With the Magic of Dulux and Thoughtfulness of JSW Paints, we look forward to delighting customers and building lasting value for our stakeholders.”

 

What was announced earlier in June and what did AkzoNobel’s CEO say?

 

In June, JSW Paints entered into definitive agreements to acquire up to 74.76 per cent stake in Akzo Nobel India from Akzo Nobel N.V. and affiliates, for a maximum consideration under the share purchase agreement of up to Rs 8,986 crore, subject to certain closing adjustments.

 

Greg Poux-Guillaume, chief executive officer of AkzoNobel, said today’s closing is an important step in sharpening the company’s strategic focus and positioning AkzoNobel for long-term value creation. “We are grateful to our colleagues in India for their many contributions and are pleased to see the business transition to JSW, a strong and committed partner in the region’s fast-growing paints and coatings market,” he said.