AkzoNobel nears sale of Southeast Asia paints unit to Nippon Paint for over $1 billion

AkzoNobel, the Dutch coatings company, is nearing a sale of its Southeast Asian paints business to Nippon Paint, the Financial Times reported. The deal is said to be worth over $1 billion. The move would hand Nippon Paint a larger presence in a region where AkzoNobel has held operations for decades, while letting AkzoNobel narrow its geographic focus. Neither company has confirmed the terms or timing publicly. What remains unclear is the exact scope of assets included in the sale and whether regulators in the affected Southeast Asian markets would need to sign off before completion.