Dulux owner Akzo Nobel closes 17% lower after takeover talks collapse; European stocks fall

European stocks finished lower on Wednesday, as investors weighed U.S. proposals for sweeping new tariffs on 60 countries.

The pan-European Stoxx 600 index ended the session 0.5% down, with most regional sectors closing in the red, and major bourses in London, Paris, Frankfurt and Milan all lower.

Akzo Nobel closed the day 17.2% lower after a proposed takeover by Nippon Paint and Sherwin-Williams fell through.

Akzo Nobel, whose brands include Dulux, had previously rejected a joint cash takeover offer worth 73 euros ($85) per share.

Akzo Nobel said at the time that the offer “did not come close” to adequately reflecting its value and long-term prospects, adding that the plan offered “insufficient deal certainty” over the separation of the business, with its shareholders “not adequately safeguarded.”

On Wednesday, the company took note of a statement from Nippon Paint and Sherwin-Williams confirming that they were no longer interested in pursuing a public offer.

In other corporate news, Zara owner Inditex updated investors on its fiscal first-quarter earnings on Wednesday. The stock advanced more than 1%.

Sales at the Spanish retail group grew 5.8% from the previous year, coming in at 8.7 billion euros ($10.1 billion) to meet analysts’ expectations. Net profit jumped 5.4% year-on-year to reach 1.38 billion euros, in line with estimates.  

Shares in Partners Group plunged 16.3% after the Zurich-headquartered global private markets giant said it was restricting investor withdrawals in one of its private equity funds, mirroring recent redemption pressures in the U.S. private credit space.