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Nippon Paint to Offer $1.8 Billion in Overseas Share Sale

  • Shareholders had indicated willingness to pare stakes
  • Company sees move helping increase value in longer term
Nippon Paint Buying Australia's DuluxGroup for $2.7 Billion
Photographer: Carla Gottgens/Bloomberg

Nippon Paint Holdings Co. will offer up to 203 billion yen ($1.8 billion) of its shares in an overseas sale after several of its shareholders said they were willing to pare their holdings in the industrial paint maker. 

Nippon Paint says in a statement Friday the secondary offering will improve the liquidity of its shares, which it saw as relatively low based on its market capitalization. Sellers include Sumitomo Mitsui Banking Corp., MUFG Bank and Sompo Japan Insurance Inc.