Shares of Akzo Nobel India Ltd. surged 8% to hit a day’s high of Rs 3,768.15 on 18th December, amid talks of a $2-2.5 billion deal for the Dulux Paints maker, with Pidilite Industries, JSW Paints, and Indigo Paints in the fray.

Akzo Nobel NV plans to sell a 75% stake in its India unit, hiring Citigroup for the process, with a reported deal value of $2-2.5 billion.

Indigo and JSW Paints are in talks with private equity investors, while Pidilite Industries is offering a share swap deal for the stake buy.

Akzo Nobel India shares surged on 18th December with strong volumes, while Indigo Paints and Pidilite Industries shares traded flat.

Asian Paints CEO hinted in October about potential consolidation in the decorative paints market, aligning with Akzo Nobel’s recent re-evaluation of its India business.

On 22nd November, Akzo Nobel India approved selling non-productive assets, reflecting its focus on consolidation in the competitive decorative paints segment.

Chairman and Managing Director Rajiv Rajgopal stated in November that Akzo Nobel is reassessing its strategy and future direction. The company is conducting a strategic review to identify ways to strengthen its position amid rising market competition.

At 12:07 PM, the shares of Akzo Nobel India were trading 7.80% higher at Rs 3,738.20 on NSE.

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