Japan’s Nippon Paint wants to buy one of the world’s biggest paint businesses. The company has put forward a new offer worth $8.6 billion to get the decorative paints unit from AkzoNobel, a major Dutch paint maker.

Nippon Paint made several offers over the past month. The most recent one values the decorative paints business at about €7.5 billion, which is close to $8.6 billion. Nippon Paint confirmed the offer on Monday.

AkzoNobel’s management has not responded to any of these offers. The Dutch company also has not told its shareholders about the approach. Both sides have not yet agreed on any deal.

This is not the first time Nippon Paint has tried to get a piece of AkzoNobel. Just a few months ago, Nippon Paint teamed up with the American company Sherwin-Williams. Together, they tried to buy all of AkzoNobel for €12.5 billion. That came to €73 per share. AkzoNobel turned down that offer in May 2026. The Dutch company said the offer was too low and lacked enough certainty about how regulators would react. AkzoNobel also said it wanted to stay focused on its own merger plans with another company called Axalta.

After the rejection, Nippon Paint and Sherwin-Williams pulled back their offer in early June 2026. Now Nippon Paint has returned, but this time it only wants the decorative paints division, not the whole company.

AkzoNobel owns the Dulux brand, one of the most well-known paint company in the world. Nippon Paint has long wanted control of Dulux because a deal would reunify the brand on a global basis. Right now, different companies control Dulux in different parts of the world.

The decorative paints division earns most of its money from Europe. About two-thirds of its total revenue comes from European markets. This makes it a very attractive target for Nippon Paint, which wants to grow stronger in the region.

The offer values the business at about 12 times what the decorative paints unit earns in a year before paying taxes, interest, and other costs. This type of value number is common in big business deals.

Nippon Paint’s stock dropped as much as 3.4 percent when news of the offer came out. This kind of drop often happens when a company announces a large purchase because investors worry about the cost. AkzoNobel has not said why it chose not to engage with the new offer or tell its shareholders about it.

The deal, if it goes through, would rank among the largest business purchases in the global paint industry. Nippon Paint is already one of the biggest paint companies in Asia. Buying the AkzoNobel decorative unit would push it into a much stronger position in Europe and worldwide.

Neither company has made any final decisions yet. Nippon Paint said it is still working through its options and no agreement is in place. A deal at this size would reshape the competitive balance among the world’s top paint companies and mark one of the biggest moments in the global paint industry in years.