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Business deals

Nippon Paint to buy Australia's DuluxGroup for $2.6bn

Company looks to expand sales channels in Oceania as China market cools

Nippon Paint looks to complete its buyout of Australia's DuluxGroup in mid-August.   © Reuters

TOKYO -- Nippon Paint Holdings, Japan's largest manufacturer of paints and coatings, announced on Wednesday that it plans to acquire Australia's biggest paint maker, DuluxGroup, for 300 billion yen ($2.6 billion), moving ahead with its worldwide expansion.

The Japanese company has offered $9.80 Australian dollars ($7.02) per share in cash, which includes 15 Australian cents per share for the interim dividend DuluxGroup intends to pay. The offer represents a 28% premium over DuluxGroup's closing price on Tuesday. Nippon Paint aims to complete the buyout in mid-August.

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