Singapore's Wuthelam Group to buy out Nippon Paint for 1.29 trillion yen

[TOKYO] Singapore's Wuthelam Group will take majority control of Japan's biggest paint company Nippon Paint Holdings, spending about 1.29 trillion yen to raise its stake to just under 60 per cent from 39 per cent now, the latter company said in a statement on Friday.

Wuthelam will become a majority shareholder through the deal, which is one of Asia's largest cross-border transactions in 2020.Nippon Paint has had ties with Wuthelam for more than 50 years. In 2013, the Singaporean paint conglomerate began efforts to gain majority control of the Japanese paint company.REUTERS, BLOOMBERGFor daily updates on weekdays and specially selected content for the weekend.

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