Dulux agrees to Nippon Paints' $3.8b takeover in Australia

According to The Australian Financial Review, the boss of Australia's biggest paint maker, Dulux Group, says he wants to keep running the company after Japanese giant Nippon Paint's agreed $3.8 billion buyout, and claims the core business is largely immune from a housing downturn.
Nippon Paint, the No.1 paint company across Asia that employs 20,000 people around the world, made a surprise takeover bid at $9.80 per share recently. The shares immediately jumped 27 per cent to $9.75, indicating investors think it's a near certainty investors will approve the deal at meetings scheduled for July.
The move underlines the increasing appetite of growth-starved Japanese companies for well-run Australian businesses. In October, 2018 Commonwealth Bank sold Colonial First State Global Asset Management to Japan's Mitsubishi UFJ Financial Group for $4.1 billion. Hitachi Construction Machinery bought heavy engineering group Bradken in 2017 in a $689 million takeover.
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https://www.afr.com/business/manufacturing/dulux-agrees-to-nippon-paints-3-8b-takeover-20190417-p51f41

If you want to read this article in Japanese, please see the following link:
https://www.j-abc.com/jp-blog/3977912
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