Japan's Nippon Paint Holdings Co Ltd has proposed buying Australia's b...
SYDNEY - Japan’s Nippon Paint Holdings Co Ltd has proposed buying Australia’s biggest paint maker DuluxGroup Ltd for A$3.8 billion , expanding its global footprint though entering Australia just as a housing boom there falters.
It would catapult Nippon Paint, the world’s fifth-largest paint maker, from a bit player to the biggest paint seller in the region. It also offers investors in Dulux, whose paint colors more than a quarter of Australia’s homes and buildings, a chance to cash out at the end of a long construction boom.
Dulux stock jumped to the offer price of A$9.80, while the broader Australian market fell 0.2 percent by midsession. Nippon Paint shares fell 3.5 percent in Tokyo.Driven by population growth and rising home values, a long building boom stoked demand for Dulux’s paints, garage doors and garden supplies in Australia, doubling its share price in six years as its revenue climbed.
Buyouts from Japan in Australia hit $6.5 billion last year, their highest since 2015, Refinitiv data showed.
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