AkzoNobel's board of directors rejected Nippon Coatings's proposed acquisition of its decorative coatings business and continued to suggest advancing the merger plan with Axalta Coatings. This new 7.5 billion euro acquisition plan was proposed by Nippon after several attempts to reach a deal with AkzoNobel. AkzoNobel said on Monday that the latest proposal “seriously underestimates” the value of its paint business unit. The Dutch paint giant said its management and supervisory board “continue to agree” on the merger plan with Axalta. The merger is expected to create a paint manufacturer with a market value of around $25 billion.

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