TOKYO, June 3 (Reuters) – Nippon Paint and Sherwin-Williams said on Wednesday they had decided to terminate their efforts to jointly acquire rival paint maker AkzoNobel.
Shares of the Dulux paint maker fell more than 20% in early trade after being halted initially, set for their worst-ever trading day if the losses hold.
The companies’ decision followed AkzoNobel’s rejection of their €12.5 billion ($14.5 billion) cash takeover offer last week.
($1 = €0.8610)
(Reporting by Kantaro Komiya in Tokyo and Dimitri Rhodes in Gdansk; Editing by Jacqueline Wong)
Comments