The agreement, which confirmed an earlier report by Bloomberg News, follows several attempts at a combination by the Dulux and Cromax brand paint makers
Mukherjea argued that most challengers don’t have that staying power. Instead, they rely on discounts, media publicity, and higher dealer margins to gain short-term traction.
JSW Group is in talks with global lenders to Rs 4,000 crore to fund the deal
The deal, if concluded, would significantly expand JSW's footprint in the domestic paints sector, where it operates through JSW Paints, a relatively recent entrant
Akzo Nobel India received a binding offer from parent Akzo Nobel N.V. for the sale of its powder coatings business and R&D Centre.
The execution of these transactions remains subject to the approval of the shareholders of Akzo Nobel India Limited and approval of the Supervisory Board of Akzo Nobel N.V.
When asked if Berger would be interested if Akzo comes at a fairer price, Roy replied, "We are interested, but only at a reasonable price."
"The Board of Directors of the company, at its meeting held on January 6, 2025, took note of the above said and authorised the company's management to commence exploratory steps as may be required to evaluate and examine the aforesaid potential transactions," the filing by Akzo Nobel India said.
At close, the Sensex was down 502 points or 0.6 percent at 80,182, and the Nifty was down 137 points at 24,198. About 1,379 shares advanced, 2,456 shares declined, and 92 shares remained unchanged.