Japan's Kansai Paint Buys Freeworld Stake
Published October 15, 2010
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Japan's Kansai Paint has bought about 25 percent of South Africa's Freeworld Coatings, and is in talks to take at least a majority stake in the paint firm, according to a Reuters report. Kansai, Japan's largest paint maker, has bought nearly 19 percent of Freeworld from South African private equity firm Brait as well as additional shares, according to the Reuters report. Kansai's stake currently stands at around 25 percent and talks between the two companies are still ongoing. The Japanese firm is looking to raise its holding to at least a majority stake. Brait's sale to Kansai came after Freeworld's shareholders in June rejected a 1.7 billion rand ($248.3 million) takeover bid from Brait.