Sherwin-Williams buys Valspar Corp.

Sherwin-Williams Co., the largest U.S. paint retailer, said it agreed to buy rival Valspar Corp. for about US$9.3 billion in cash to become the world’s biggest coatings maker. Sherwin-Williams will pay US$113 a share. The price is about 35 per cent higher than Valspar’s closing price of US$83.83 on Friday, when its market value reached US$6.63 billion.