Latest news with #Dulux-owner
Time of India
14 hours ago
- Business
- Time of India
JSW to buy Dulux paints biz for Rs 9,000 crore
MUMBAI: JSW Paints will acquire about 75% stake in Dulux-owner Akzo Nobel's India unit for Rs 9,407 crore ($1.1 billion) - marking the country's biggest deal in the sector amid growing competition. The acquisition will position JSW Paints, established by steel tycoon Sajjan Jindal in 2019, as the fourth largest player in the industry dominated by Asian Paints, Berger Paints, and Kansai Nerolac. The industry saw a new entrant in 2024 when Aditya Birla Group launched Birla Opus. JSW Paints plans to acquire an additional 25% stake from Akzo Nobel India's public shareholders through an open offer for Rs 3,929 crore, in accordance with Indian takeover regulations. Public shareholders will receive Rs 3,418 per share in the open offer, while the Dutch firm will receive Rs 2,762 per share from JSW Paints. JSW Paints will purchase the required number of shares from the Dutch company to maintain a 75% ownership in Akzo Nobel India, based on the response to the open offer. Upon the deal's completion, JSW Paints, a part of the $23-billion JSW Group, will become Akzo Nobel India's promoter, with the Dutch firm potentially retaining public shareholder status. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch CFD với công nghệ và tốc độ tốt hơn IC Markets Đăng ký Undo Akzo Nobel India's shares ended at Rs 3,405 per share on the BSE on Friday, up nearly 7%. "We are excited to welcome them to the JSW family. Together, along with the Akzo Nobel India family - employees, customers and partners - we aspire to build the paint company of the future," said Parth Jindal, MD of JSW Paints and son of Sajjan Jindal. Akzo Nobel, ranked fourth globally in paint manufacturing by market value after PPG, Nippon Paint, and Sherwin-Williams, owns stakes in Akzo Nobel India through Imperial Chemicals (50.5%) and Akzo Nobel Coatings (24.3%). Akzo Nobel entered India in 2008 by acquiring the British company Imperial Chemical Industries. Following an assessment of its South Asia operations in 2024, it decided to divest its decorative paints business in India to streamline expenses and strengthen its core coating operations. The company will, however, continue to operate its powder coatings business and research centre in India. Akzo Nobel CEO Greg Poux-Guillaume said: "This transaction is a significant milestone in the execution of our strategy. Akzo Nobel India has been a consistently strong performer, and we are proud of the brand and talent that have made it a success." In a regulatory filing, Akzo Nobel India said post-deal, the Dutch company will execute certain corporate brand and intellectual property licensing agreements with it. Akzo Nobel owns well-known brands like Dulux, Sikkens, International and Interpon. Amsterdam-based Akzo Nobel is likely to receive 900 million euros in net cash proceeds. It plans to use around 500 million euros to reduce debt and launch a 400-million-euro-share buyback programme. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
a day ago
- Business
- Time of India
JSW plans Rs 4,000 crore debt sale to fund Akzo Nobel acquisition deal
Indian conglomerate JSW Group is in talks with global lenders to raise about 40 billion rupees ($468 million) to partly fund its purchase of Akzo Nobel NV 's local business, according to people familiar with the matter. Foreign banks including Barclays Plc, Mitsubishi UFJ Financial Group Inc. and Standard Chartered Bank Plc will arrange the debt, which is expected to be denominated in rupees, said the people, who asked not to be identified because the information is confidential. JSW Group has also reached out to international private credit funds including Ares Management Corp, Cerberus Capital Management and Farallon Capital Management though nothing has been finalized yet, said the people. Morgan Stanley, a bank on the acquistion, will also be involved in the borrowing, two of the people said. Play Video Play Skip Backward Skip Forward Mute Current Time 0:00 / Duration 0:00 Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions and subtitles off , selected Audio Track Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Elegant New Scooters For Seniors In 2024: The Prices May Surprise You Mobility Scooter | Search Ads Learn More JSW Group agreed to buy up to 75% of Akzo Nobel NV's Indian business in a deal valued at about $1.6 billion, including debt, as the Indian conglomerate seeks to expand its presence in areas such as paints. A rupee bond deal would be a boon for supply in India's booming local debt market, which year to date has seen issuance of 6.5 trillion rupees ($76 billion), up 28.4% from a year ago, according to data compiled by Bloomberg. Live Events MORE STORIES FOR YOU ✕ JSW Paints inks deal to buy Dulux-owner Akzo Nobel for nearly Rs 9,000 cr, fresh coat of rivalry in over $10 bn market Akzo Nobel India shares surge 11% as JSW Paints to become new owner in Rs 9,400 crore deal « Back to recommendation stories I don't want to see these stories because They are not relevant to me They disrupt the reading flow Others SUBMIT Acquisition financing has been a bright spot for global lenders in India, particularly private credit funds. In the second half of 2024, private credit deals showed a 'strong focus' on such deals, global consulting firm Ernst & Young wrote in a report. The planned debt could be raised in multiple tranches and levels, and the tenor could be up to three years, said the people. The terms and currency of the deal are not yet final and could still change, they added. Ares and Standard Chartered declined to comment. JSW Group, Barclays, Mitsubishi and other lenders did not immediately respond to requests for comment.
