Nippon’s $3.8b DuluxGroup bid approved

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.


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