The 40,000 shareholders in Australia's biggest paint company, Dulux Group, are likely to approve the $3.8 billion buyout by Japan's Nippon Paint at a scheme meeting, with fund managers expecting more big deals in other industries from overseas companies looking for Australian assets.

Extremely low interest rates in Europe are poised to drive a renewed bout of buyouts in Australia as the cost of capital heads increasingly lower, and overseas companies hunt for expansion opportunities in a mature, but growing economy.