Akzo Nobel hit a new 52-week high today morning at Rs.1550; it has since then come off these highs, just about holding on to the green, up currently less than 0.5% at Rs.1540 levels.

The stock hit a high on news that the company has received the fair trade regulator Competition Commission of India’s approval to acquire the industrial coatings business of BASF SE.

Akzo had made an offer in Feb’16 to acquire BASF’s industrial coating business, making an offer of €475 million and this approval means it has got one step closer to acquiring it.

This paints and coating maker had ended Q4FY16 on a decent note with net profit showing a 18% (YoY) rise at Rs.52 crore. Net sales rose 15% at Rs.662 crore.

It ended FY16 with a 8% rise in net profit at Rs.202 crore on a 9% increase in net sales at Rs.2683 crore.