The Federal Court has approved Japanese paint giant Nippon’s takeover bid for DuluxGroup.
In July, more than 97 per cent of DuluxGroup shareholders voted in favour of the company’s $3.8 billion sale to Nippon Paint Holdings after it was unanimously backed by the board.
The scheme of arrangement was approved by the Federal Court during a hearing on Tuesday, with shareholders of the ASX-listed company expected to be paid $9.37 per DuluxGroup share on August 21.
The deal is not expected to alter the paint, coatings and adhesive company’s operations or to affect a name change in Australia and New Zealand.
Nippon, which has operations in Asia, Europe and the US, generated about $7.8 billion in sales for the financial year ended December 31.
DuluxGroup shares on the ASX will be suspended after the market’s close today.