Nippon Paint Holdings Co. has failed to reach an agreement to buy Axalta Coating Systems Ltd., halting the Japanese paint-maker's plans to expand sales to automobile manufacturers and bolster its U.S. footprint.
The collapse of the deal prompted Axalta shares to plunge and Nippon Paint stock to climb.
Nippon Paint was "unwilling to meet . . . expectations" regarding Axalta's value and to take on the debt needed to complete such a large deal, the U.S. company said Thursday.