Dulux investors approve $3.8b Nippon sale

Dulux paint cans are pictured at a store – AAP

DuluxGroup shareholders have overwhelmingly voted in favour of the company’s $3.8 billion sale to Japanese paint giant Nippon.

More than 97 per cent of Dulux investors on Wednesday voted in favour of the buyout, which had first been flagged in April and was backed by the board.

The ASX-listed paint, coatings and adhesives company said it had applied for the scheme of arrangement to be approved at a hearing of the Federal Court on August 6, with a payment of $9.37 per DuluxGroup share to be made to investors on August 21.

Dulux shareholders had already received interim and special dividends totalling 43 cents a share.

Nippon, which has operations in Asia, Europe and the US, generated about $7.8 billion in sales for the financial year ended December 31.

The deal is not expected to change the Dulux name in Australia and New Zealand, or its leadership, business portfolio, manufacturing and operations.

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