Sherwin-Williams Co. (NYSE: SHW), the largest U.S. paint retailer, said it agreed to buy rival Valspar Corp. (NYSE: VAL) for about $9.3 billion in cash to become the world’s biggest coatings maker.

Sherwin-Williams will pay $113 a share, the companies said Sunday in a statement. The price is about 35 percent higher than Valspar’s closing price of $83.83 on Friday, when its market value reached $6.63 billion. Valspar jumped 26 percent to $106 in pre-market trading.

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