Aksu Nobel's stock price soared. The company disclosed that it rejected a competitive acquisition offer from a peer company.

AkzoNobel has rejected a cash acquisition offer from Japanese peer Nippon Paint and U.S. paint manufacturer Axalta Coating Systems, and will continue with its plan to merge with the U.S. company Sherwin-Williams. The stock rose 16% in early trading in Amsterdam, the largest increase since March 2017. AkzoNobel stated on Wednesday that Nippon Paint and Axalta had offered to acquire AkzoNobel for 73 euros per share in cash last month, valuing the company at approximately 12.5 billion euros according to calculations. The company stated that this proposal does not reflect AkzoNobel's value and long-term prospects, and is not superior to the merger agreement signed between AkzoNobel and Sherwin-Williams in November last year.