Nippon Paint is reportedly seeking to purchase the decorative paint business of Akzo Nobel, valuing the latter at nearly $8.6 billion.

According to reports, Nippon Paint made an initial offer to AkzoNobel's decorative paint business three weeks ago and followed up with a subsequent offer last week, valuing the business at 7.5 billion euros. It is reported that AkzoNobel's management has not yet contacted Nippon Paint regarding the offer, nor have they informed shareholders. Sources say that a final decision has not been made, and Nippon Paint may choose to abandon the acquisition.