(MENAFN) Japanese paint manufacturer giant Nippon Paint is acquiring Australia-based DuluxGroup at a value of USD3.8 billion.
Through the acquisition the Japanese giant is tapping into major Australian sales channel for paints and coatings among other products.
According to the Japanese company, it will present a payment of USD9.80 per share to mark a 28 percent premium.
Citigroup Global Markets Japan analyst Atsushi Ikeda stated "this is a logical acquisition, given the strength of the Dulux brand name in the Australian and New Zealand markets, the attractive stable growth potential of the region, and the opportunity the acquisition affords to bolster Nippon Paint"s regional portfolio."
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