Japanese multinational focuses on construction paint and positions Asia as its core domain. Acquiring Axalta would have extended Nippon Paint’s footprint to automobile coating in North America.
Tado made multiple trips to the U.S. after Nippon Paint began active discussions with Axalta around November.
Nippon Paint Holdings scraps 1 trillion yen ($8.9 billion) takeover of U.S. company Axalta Coating Systems amid nagging concerns about exposure to environmental risks, potential antitrust roadblocks and how to pay for the deal.
Nippon Paint President Tetsushi Tado relayed the decision by telephone to Axalta CEO Charles Shaver following the fateful board meeting Thursday night. The group made the announcement Friday.