Dutch multinational AkzoNobel has agreed to sell its decorative paints business in Southeast Asia to Japanese company Nippon Paint for €1.2 billion. The deal includes operations in Vietnam, Indonesia, Malaysia, Thailand, Singapore, Papua New Guinea and Australia. This sale follows AkzoNobel's earlier divestment of decorative paint businesses in India and Pakistan. According to AkzoNobel’s CEO, Greg Poux-Guillaume, the company is focusing on areas where it can achieve significant scale and strengthen its position. Nippon Paint previously attempted to acquire all of AkzoNobel’s paint activities for €7.5 billion, but the offer was rejected. AkzoNobel will retain its coatings business in Southeast Asia, and is currently pursuing a merger with American company Axalta, which would create a company valued at over $22 billion, traded on the New York stock exchange.