Tuesday, October 13
JSW Paints is set to take over Akzo Nobel India, valuing parent Akzo Nobel NV’s 74.76% stake at about Rs 9,000 crore ($1.1 billion), said people aware of the matter. This translates to a Rs 12,000-12,200 crore value for the Indian unit of the Dutch multinational, a 25% discount to the current market price, they said.The deal will take the acquirer to fourth position in the country’s decorative paints market and number 2 in the industrial segment, giving it much-needed heft. Akzo Nobel India’s market capitalisation is at Rs 16,380 crore, with the stock having closed at Rs 3,582 on Friday. The share has bucked industry trends, surging 40% in the past year in anticipation of a sale. Announcement of the transaction will trigger an open offer for another 26% of the company.This is based o
