Nippon Paint Holdings Co., Japan’s biggest paint maker, struck a ¥1.29 trillion ($12.2 billion) deal to join with Singapore-based Wuthelam Holdings Pte, seeking to create a dominant paints and coatings company in Asia.
The deal involves Wuthelam taking a majority stake by buying new shares in Nippon Paint, which will use the bulk of the money to buy out their joint ventures in China, India, Malaysia, Singapore, South Korea and Thailand. Nippon Paint will also buy out Wuthelam’s 100 percent-owned Indonesia business for about $2 billion (¥211 billion).
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