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New Indian Express
2 days ago
- Business
- New Indian Express
JSW Paints acquires Dulux-maker AkzoNobel India for Rs 8,986 crore
MUMBAI: JSW Paints, part of the diversified JSW Group, has signed a definitive agreement to acquire up to 74.76% stake in the larger rival and the Dulux-maker Akzo Nobel India for Rs 8,986 crore, marking one of the largest deals in the around Rs 90,000 crore domestic paints sector. The deal also involves an open offer and will pay the way the Dutch company to completely exit the country. The acquisition will make JSW Paints, which has not yet been able to make a clear mark in the paints segment even after six years, a major player in the decorative and industrial coatings space, subject to regulatory approvals and a mandatory open offer. Akzo Nobel India, the owner of Dulux, is part of Akzo Nobel NV and its affiliates. The group, in an exchange filing on June 27, said that the maximum consideration under the Share Purchase Agreement is up to ₹8,986 crore, subject to certain closing adjustments. The transaction is subject to approval from the Competition Commission and the completion of a mandatory tender offer to the public shareholders of the company. The deal was in the making for a few years now and is part of the Amsterdam, the Netherlands-based company's global recast and had many bids from a consortium of Advent International and Indigo Paints, and Fevicol maker Pidilite Industries. JSW will acquire 74.76% stake from the Dutch promoters/holding entities-- Imperial Chemical Industries and Akzo Nobel Coatings International BV, JSW said on Friday. On completion of the Akzo's Dutch promoter group, which together held 74.76% shareholding in the local unit here, exits the domestic decorative paints market, which is witnessing disruption with entry of new players as Aditya Birla Group. The deal will help JSW group expand its play into the paint segment, which it entered into in 2019 and is a relatively new player establishing its base in the industry. JSW Paints managing director Parth Jindal said paints and coatings is one of the fastest-growing sectors. "Akzo Nobel India is home to some of the most globally renowned brands of paints & coatings like Dulux, International and Sikkens.' AkzoNobel chief executive Greg Poux-Guillaume said, this transaction is a significant milestone in the execution of our strategy. AkzoNobel India has been a consistently strong performer, and we are proud of the brand and talent that have made it a success.'
Time of India
2 days ago
- Business
- Time of India
Big corporate deal: JSW Paints to acquire AkzoNobel India; deal valued at Rs 8,986 crore
The acquisition requires approval from the Competition Commission of India and completion of a mandatory tender offer to ANIL's public shareholders. (AI image) JSW Paints Limited has signed agreements to acquire a 74.76 per cent ownership in Akzo Nobel India Limited (ANIL) from Akzo Nobel NV and its associated companies. The acquisition, valued at up to Rs 8,986 crores, is subject to final adjustments under the Share Purchase Agreement. The acquisition requires approval from the Competition Commission of India and completion of a mandatory tender offer to ANIL's public shareholders. JSW Paints, a subsidiary of the $23 billion JSW Group , stands as India's most rapidly expanding paints manufacturer, according to an ANI report. The JSW Group has extensive operations across various sectors, including steel, cement, energy infrastructure, automotives and paints. ANIL holds a significant position in India's decorative and industrial paints sector. It operates as a subsidiary of Akzo Nobel, a Netherlands-based international corporation specialising in decorative paints and industrial coatings. Parth Jindal, Managing Director, JSW Paints, said, "Paints & Coatings is one of India's fastest growing sectors and JSW Paints is amongst the fastest growing paint companies. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch vàng CFDs với sàn môi giới tin cậy IC Markets Tìm hiểu thêm Undo Akzo Nobel India is home to some of the most globally renowned brands of paints & coatings like Dulux, International and Sikkens." He continued, "We are delighted to incorporate them into the JSW family. In collaboration with the Akzo Nobel India team - including staff, clients and associates - we aim to establish the next generation paint organisation." Greg Poux-Guillaume, CEO of AkzoNobel, said: "This transaction is a significant milestone in the execution of our strategy. AkzoNobel India has been a consistently strong performer, and we are proud of the brand and talent that have made it a success. With JSW, we are confident the business is in the hands of a long-term partner with deep local expertise and strong ambitions in the sector." The transaction received professional support from Morgan Stanley as the exclusive financial advisor to JSW Paints. Khaitan & Co. provided legal advisory services, whilst Deloitte conducted financial and tax due diligence. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
The Herald Scotland
3 days ago
- Business
- The Herald Scotland
Jeff Bezos' superyacht: See 'Koru' photos and key features
The billionaire founder was photographed June 25 arriving at Venice's historic Aman Hotel in a water taxi with Sanchez. In the lead up to the wedding, Bezos and his luxurious possessions are back in the spotlight. Here's what to know about his superyacht, Koru. Need a break? Play the USA TODAY Daily Crossword Puzzle. How big is Koru? Koru is the largest sailing yacht in the world, according to Netherlands-based custom yacht builder Oceanco, which built the vessel. The three-masted schooner is estimated to be 417 feet long and includes a midnight blue hull, several decks, three jacuzzis and a pool atop the deck, per Oceanco and Yacht World. The masts are about 230 feet high, Yacht World reported, making them almost the same height as the Great Pyramid of Giza. In 2022, the yacht became embroiled in controversy after news emerged that part of Rotterdam's historic Koningshaven Bridge, locally known as De Hef, could be dismantled to transport the boat from Oceanco's inland dock in Alblasserdam to the North Sea, according to prior media reports. While city officials initially planned to take apart the bridge to allow the tall masts of the boat to pass through, public backlash prompted them to walk back on their decision, the New York Times reported at the time. Oceanco later transported the masts separately and the finished product was delivered to Mallorca in 2023, German media outlet Spiegel and Boat International reported. What does 'Koru' mean? Koru is Maori for loop or coil and is symbolized by a spiral shape. The word references new beginnings and the start of a new chapter, focused on change and personal growth. The yacht's support vessel, meanwhile, is named Abeona after the Roman goddess of journeys, Architectural Digest reported. Koru features The superyacht's exterior was designed by Dutch company Dykstra Naval Architecture, while the interior was handled by interior design firm Mlinaric Henry & Zervudachi, Oceanco said. Oceanco describes the interior as "timeless, contemporary style, with natural wood tones complemented by a palette of warm neutrals and beautifully patterned textiles." Lauren Sanchez shot down speculation about Koru's figurehead It has been suggested that the figurehead adorning Koru looks like Bezos' wife-to-be, Sanchez. However, Sanchez shut down the rumors in a November 2023 interview with Vogue, telling the media outlet that the figurehead, an ornamental symbol located on the bow of a ship, is one of Bezos's favorite mythological figures, Freyja, Norse goddess of love, fertility, war, and gold. "I'm very flattered, but it's not," Sanchez remarked to Vogue. In pictures: Koru Bezos proposed to Lauren on Koru Bezos popped the question to Sanchez on Koru during a trip to the Cannes Film Festival in May 2023, when he hid a box containing a pink diamond engagement ring under her pillow, Sanchez shared with Vogue. "When he opened the box, I think I blacked out a bit," she told the outlet. Who was Jeff Bezos' first wife? All about philanthropist MacKenzie Scott When is Jeff Bezos' wedding to Lauren Sanchez? Bezos and Sanchez have been rather tight-lipped about their upcoming nuptials, and the exact date of their wedding has not been revealed. Reuters and The New York Times reported the three-day wedding is likely to occur between June 26 and 28. About 200 guests, including some of the couple's closest celebrity friends such Oprah Winfrey, designer Diane von Furstenberg and husband Barry Diller, Mick Jagger, Salma Hayek, Ivanka Trump and Jared Kushner, Eva Longoria, and Kim Kardashian, are expected to be in attendance. Five of the city's most luxurious hotels have been booked out to host the wedding party. Bezos and Sanchez are not the first celebrity couple to choose Italy for their destination wedding. Previously, George and Amal Clooney also wed in Venice in 2014, as did Salma Hayek and her billionaire husband Francois-Henri Pinault in 2009. Contributing: Anna Kaufman, Amanda Lee Myers, USA TODAY; Reuters Saman Shafiq is a trending news reporter for USA TODAY. Reach her at sshafiq@ and follow her on X and Instagram @saman_shafiq7.
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Nikkei Asia
3 days ago
- Business
- Nikkei Asia
ASML commits to developing even more advanced chipmaking tools
Jos Benschop is in Japan this week as he is being recognized for his contributions to photopolymer science by the International Conference of Photopolymer Science and Technology. (Nikkei montage/Source photos by ASML and Cheng Ting-Fang) CHENG TING-FANG TAIPEI -- ASML, the world's largest semiconductor equipment maker, is already working to develop the next generation of cutting-edge lithography machines to serve the chip industry in the next decade, the company's executive vice president of technology told Nikkei Asia. Jos Benschop said the Netherlands-based company and its exclusive optics partner Carl Zeiss are studying designs for machines that could print circuits with a resolution as fine as 5 nanometers in a single exposure, adding that the technology would be advanced enough to serve the industry's needs from 2035 and beyond.
Yahoo
3 days ago
- General
- Yahoo
A Construction Crew Found a 1,000-Year-Old Sword That's Remarkably Intact
Here's what you'll learn when you read this story: A construction crew discovered a 1,000-year-old iron sword in the Netherlands still fully intact. The short sword comes complete with decorative copper inlays. The find could have been part of a ritual sacrifice or burial. A medieval sword defied the elements for 1,000 years, preserved in riverbed clay, until it was recently discovered by a construction crew along the Korte Linschoten River in the Netherlands. After its retrieval and preservation, the find will now go on display at Rijksmuseum van Oudheden, the National Museum of Antiquities, showing off intricate copper inlays that give the sword a mysterious provenance. The two-sided short sword dates to between 1050 and 1150 A.D. and its iron comes surprisingly well-kept, according to a translated statement from the museum. Before display, the sword underwent a 10-week preservation process that included desalination, rinsing, and drying. It now features a protective coating to prevent corrosion. 'If you had just left it after the find, it would quickly go on to corrode and crumble,' said Hannelore Valentiin from Londgoed Linschoten, according to a translated report from Netherlands-based Archeologie Online. 'That's why we had to take immediate action to preserve it.' X-rays taken during the preservation process revealed remnants of wood and leather on the handle, likely left over from the original grip. The three-foot-long, 1.85-pound iron sword features a six-inch cross guard and a Brazil nut-shaped pommel, common for the 11th century Frankish swords, according to Archaeology Magazine. 'It is strikingly light, indicating that it was probably a good sword, easy to handle,' Valentiin said. Still, experts believe the sword was likely ritual in nature. The decorations may help tell the story. Copper wire inlay form a sun wheel on one side, with the 'sonnenrad' a circle containing a cross. This was a common symbol throughout the Middle Ages. The other side offers a common Viking Age symbol of an endless knot featuring five interlaced squares within a circle. The visual once represented unbreakable loyalty and eternal bonds. Valentiin said that, during the time of the sword's burial, armies mainly fought with spears, which were cheaper and easier to make. Add in that since this sword was found without a scabbard, it may have been intentionally buried in the river and not lost during a battle. Offering a sword to a river was a common way to honor a dead fighter or sacrifice to the land. Medieval swords were highly personal possessions, often buried with the owners, according to the museum, so few are preserved as well as this one. Jointly owned by the municipality of Montfoort and the Londgoed Linschoten estate, it was donated to the museum and is on display through August. Initial research suggests the sword was likely made in Western Europe, possibly modern-day Germany, and the iron ore may have come from Veluwe in the Netherlands. 'This sword tells the story of a time when symbolism and spirituality were deeply intertwined, and when a simple design could transcend centuries,' a Montfoort City Council spokesperson previously told Historiek. 'It's refined craftsmanship and symbolic depth make it not only a historical relic, but also a work of art that reflects the cultural complexity of early medieval Europe.' You Might Also Like The Do's and Don'ts of Using Painter's Tape The Best Portable BBQ Grills for Cooking Anywhere Can a Smart Watch Prolong Your Life?
