Kansai Paint moves to sell African entity to Akzo Nobel

Kansai Paint Co., Ltd. (“Kansai Paint”) has entered into an agreement to sell its Africa business to Akzo Nobel N.V. (“AkzoNobel”), a global paints and coatings company. The sale is subject to the regulatory approvals of the relevant authorities and the transaction is expected to be completed in the course of 2023. Kunishi Mori, Kansai Paint’s president says: “We are convinced that AkzoNobel is the best owner as AkzoNobel considers the decorative paints business as a core business and will therefore be able to unlock the full potential of the business, thereby contributing to the development of the African economy.”…