Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Akzo Nobel N.V. earlier announced its plans to exit India to focus on core markets where it holds a position of “differentiating scale.</li>
<li>JSW Paints has reportedly entered exclusive talks to acquire Akzo India, edging out Advent–Indigo and Pidilite.</li>
<li>Shareholders may tender in the open offer or stay invested for potential upside via JSW which has a long stellar track-record.</li>
</ul>


Akzo Nobel N.V. earlier announced its plans to exit India to focus on core markets where it holds a position of “differentiating scale.
JSW Paints has reportedly entered exclusive talks to acquire Akzo India, edging out Advent–Indigo and Pidilite.
Shareholders may tender in the open offer or stay invested for potential upside via JSW which has a long stellar track-record.


Akzo Nobel India [India M&A]: JSW Likely Buyer – Investors Should Assess Strategic Impact

Independent Investment Research, The IDEA!

The IDEA!

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The Idea-Driven Equities Analyses company (the IDEA!) is an employee-owned boutique providing independent investment research and financial consultancy services with a clear focus on the Benelux countries. The company was founded in the summer of 2007 by Henk Slotboom and Maarten Verbeek, both with more than 35 years of professional experience in the financial sector. The IDEA! differentiates itself by focusing on adding value through self-initiated in-depth, idea-driven investment research, as well as by bespoke research assignments for institutional investors, hedge funds and private equity. In addition, we provide market intelligence, strategic research and – together with our business partners – consultancy services to businesses. In case you are interested in receiving more information, a sample of our products or an introductory meeting, please send a message to info@theidea.nl.

<ul><li>In this edition: • Adyen | solid 1Q25 revenue development – reiterates financial objectives • ASM International | better than expected gross margin and cost control resulting in a strong beat in operational profitability • AkzoNobel | PPG beats expectations and reaffirms FY25 guidance • dsm-firmenich | 1Q25 falls slightly short of market expectations; FY25 guidance intact • DHL | 1Q25 shows clear beat of consensus; external environment remains uncertain</li></ul>

In this edition: • Adyen | solid 1Q25 revenue development – reiterates financial objectives • ASM International | better than expected gross margin and cost control resulting in a strong beat in operational profitability • AkzoNobel | PPG beats expectations and reaffirms FY25 guidance • dsm-firmenich | 1Q25 falls slightly short of market expectations; FY25 guidance intact • DHL | 1Q25 shows clear beat of consensus; external environment remains uncertain

What's New(s) in Amsterdam - 30 April (Adyen | AkzoNobel | ASM Int'l | dsm-firmenich | DHL)

<ul><li>In today's edition: • AkzoNobel | no major surprises, yet slightly improving underlying trends • BE Semiconductor Industries | order intake remains depressed • Randstad | modest beat of consensus – valuation at attractive level due to share price decline • Corbion | strongly beating consensus – reiterates FY25 guidance • Corbion | another letter from Inclusive Capital • InPost | signs multi-year contact with Vinted • Just Eat TakeAway.com | reiterates FY25 guidance, expects offer to commence in 2Q25 • PostNL/DHL | DHL deploys first APMs at Praxis DIY stores • Corporate agenda | week 17 - 21</li></ul>

In today's edition: • AkzoNobel | no major surprises, yet slightly improving underlying trends • BE Semiconductor Industries | order intake remains depressed • Randstad | modest beat of consensus – valuation at attractive level due to share price decline • Corbion | strongly beating consensus – reiterates FY25 guidance • Corbion | another letter from Inclusive Capital • InPost | signs multi-year contact with Vinted • Just Eat TakeAway.com | reiterates FY25 guidance, expects offer to commence in 2Q25 • PostNL/DHL | DHL deploys first APMs at Praxis DIY stores • Corporate agenda | week 17 - 21

<ul><li>In this edition: • AkzoNobel | to acquire Akzo Nobel India’s powder coatings business • Unilever | CEO Schumacher to leave the company unexpectedly; company reconfirms outlook • PostNL | main takeaways 4Q24 earnings call</li></ul>

In this edition: • AkzoNobel | to acquire Akzo Nobel India’s powder coatings business • Unilever | CEO Schumacher to leave the company unexpectedly; company reconfirms outlook • PostNL | main takeaways 4Q24 earnings call

What's News in Amsterdam - 25 February (AkzoNobel | Unilever | PostNL)

<ul><li>In this edition: • AkzoNobel | Sherwin Williams buys BASF’s Architectural Paints business in Brazil • AkzoNobel | private equity appetite for AkzoNobel’s SE Asian Deco business?</li></ul>

In this edition: • AkzoNobel | Sherwin Williams buys BASF’s Architectural Paints business in Brazil • AkzoNobel | private equity appetite for AkzoNobel’s SE Asian Deco business?

What's News in Amsterdam - 18 February 2025 (AkzoNobel)

Netherlands

Akzo Nobel N.V. manufactures specialty chemicals. The Company offers decorative paints and coatings, surfactants, polymer, pulp and paper, bleaching and oxidizing, salt-chlorine, and other chemical products. Akzo Nobel serves customers worldwide.

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Akzo Nobel NV (AKZA NA)

Akzo Nobel India [India M&A]: JSW Likely Buyer – Investors Should Assess Strategic Impact

Akzo Nobel N.V. plans to exit India, focusing on core markets; JSW Paints likely in exclusive talks to acquire Akzo India.

Rahul Jain

What's New(s) in Amsterdam - 30 April (Adyen | AkzoNobel | ASM Int'l | dsm-firmenich | DHL)

In this edition: • Adyen | solid 1Q25 revenue development – reiterates financial objectives • ASM International | better than expected gross...

The IDEA!

Akzo Nobel NV - What's News in Amsterdam

In today's edition: • AkzoNobel | no major surprises, yet slightly improving underlying trends • BE Semiconductor Industries | order intake...

The IDEA!

What's News in Amsterdam - 25 February (AkzoNobel | Unilever | PostNL)

In this edition: • AkzoNobel | to acquire Akzo Nobel India’s powder coatings business • Unilever | CEO Schumacher to leave the company...

The IDEA!

What's News in Amsterdam - 18 February 2025 (AkzoNobel)

In this edition: • AkzoNobel | Sherwin Williams buys BASF’s Architectural Paints business in Brazil • AkzoNobel | private equity appetite for...

The IDEA!

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52-week Range

Market Cap (USDm)

P/E

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Akzo Nobel India [India M&A]: JSW Likely Buyer – Investors Should Assess Strategic Impact

​Akzo Nobel N.V. plans to exit India, focusing on core markets; JSW Paints likely in exclusive talks to acquire Akzo India.

Rahul Jain

What's New(s) in Amsterdam - 30 April (Adyen | AkzoNobel | ASM Int'l | dsm-firmenich | DHL)

In this edition: • Adyen | solid 1Q25 revenue development – reiterates financial objectives • ASM International | better than expected gross...

The IDEA!

Akzo Nobel NV - What's News in Amsterdam

In today's edition: • AkzoNobel | no major surprises, yet slightly improving underlying trends • BE Semiconductor Industries | order intake...

The IDEA!

What's News in Amsterdam - 25 February (AkzoNobel | Unilever | PostNL)

In this edition: • AkzoNobel | to acquire Akzo Nobel India’s powder coatings business • Unilever | CEO Schumacher to leave the company...

The IDEA!

What's News in Amsterdam - 18 February 2025 (AkzoNobel)

In this edition: • AkzoNobel | Sherwin Williams buys BASF’s Architectural Paints business in Brazil • AkzoNobel | private equity appetite for...

The IDEA!

Akzo Nobel N.V. plans to exit India, focusing on core markets; JSW Paints likely in exclusive talks to acquire Akzo India.