Nippon Paint and Wuthelam in $16.7B deal to create dominant Asia paints company

Nippon Paint Holdings struck a 1.29 trillion yen ($16.7 billion) deal with Wuthelam Holdings, which will take a majority stake in Nippon Paint. Nippon Paint will use the funds to buy out their joint ventures in several Asian countries and take over Wuthelam's Indonesia business for about $2 billion.

“The deal involves Wuthelam taking a majority stake by buying new shares in Nippon Paint, which will use the bulk of the money to buy out their joint ventures in China, India, Malaysia, Singapore, South Korea and Thailand.”straitstimes.com

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• straitstimes.comNippon Paint inks $16.7 billion deal with Singapore’s Wuthelam to grow Asia business | The Straits TimesAug 21, 2020

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