Wuthelam Group to acquire an additional 21% stake in Nippon Paint for $12bn.

Wuthelam Group, a paint manufacturer, agreed to acquire an additional 21% stake in Nippon Paint, a Japanese paint and paint products manufacturing company, for $12bn. Nippon Paint said it will use the funds raised as well as $945m in cash to buy out Wuthelam from their Asian joint ventures in countries including China, Malaysia and Thailand, as well as acquire Wuthelam’s wholly owned business in Indonesia.