Australian paint giant, Dulux, has agreed to a $3.8 billion takeover deal from Japanese company Nippon Paint.

Melbourne based Dulux employs 4000 people and has backed the bid from Japan’s largest paint manufacturer.

There will reportedly be no change to management.

One of Dulux’s shareholders, Argo Investments, Managing Director Jason Beddow tells Ross Greenwood the deal is “pretty attractive”.

“Dulux certainly probably wasn’t on the list of potential takeover targets but it has been a hunting ground for big Japanese corporates over a long period of time.

“The value that’s being offered by Nippon is pretty attractive.”

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