The boss of Australia's biggest paint maker, Dulux Group, says he wants to keep running the company after Japanese giant Nippon Paint's agreed $3.8 billion buyout, and claims the core business is largely immune from a housing downturn.

Nippon Paint, the No.1 paint company across Asia that employs 20,000 people around the world, made a surprise takeover bid at $9.80 per share on Wednesday. The shares immediately jumped 27 per cent to $9.75, indicating investors think it's a near certainty investors will approve the deal at meetings scheduled for July.