diff --git a/ChangeLog b/ChangeLog
index c10ae3152..1210e850c 100644
--- a/ChangeLog
+++ b/ChangeLog
@@ -25,7 +25,10 @@ What's New in astroid 2.12.11?
 ==============================
 Release date: TBA
 
+* Fixed a regression in the creation of the ``__init__`` of dataclasses with
+  multiple inheritance.
 
+  Closes PyCQA/pylint#7434
 
 What's New in astroid 2.12.10?
 ==============================
diff --git a/astroid/brain/brain_dataclasses.py b/astroid/brain/brain_dataclasses.py
index 264957e00..5d3c34610 100644
--- a/astroid/brain/brain_dataclasses.py
+++ b/astroid/brain/brain_dataclasses.py
@@ -181,9 +181,12 @@ def _find_arguments_from_base_classes(
     node: nodes.ClassDef, skippable_names: set[str]
 ) -> tuple[str, str]:
     """Iterate through all bases and add them to the list of arguments to add to the init."""
-    prev_pos_only = ""
-    prev_kw_only = ""
-    for base in node.mro():
+    pos_only_store: dict[str, tuple[str | None, str | None]] = {}
+    kw_only_store: dict[str, tuple[str | None, str | None]] = {}
+    # See TODO down below
+    # all_have_defaults = True
+
+    for base in reversed(node.mro()):
         if not base.is_dataclass:
             continue
         try:
@@ -191,29 +194,41 @@ def _find_arguments_from_base_classes(
         except KeyError:
             continue
 
-        # Skip the self argument and check for duplicate arguments
-        arguments = base_init.args.format_args(skippable_names=skippable_names)
-        try:
-            new_prev_pos_only, new_prev_kw_only = arguments.split("*, ")
-        except ValueError:
-            new_prev_pos_only, new_prev_kw_only = arguments, ""
-
-        if new_prev_pos_only:
-            # The split on '*, ' can crete a pos_only string that consists only of a comma
-            if new_prev_pos_only == ", ":
-                new_prev_pos_only = ""
-            elif not new_prev_pos_only.endswith(", "):
-                new_prev_pos_only += ", "
-
-        # Dataclasses put last seen arguments at the front of the init
-        prev_pos_only = new_prev_pos_only + prev_pos_only
-        prev_kw_only = new_prev_kw_only + prev_kw_only
-
-        # Add arguments to skippable arguments
-        skippable_names.update(arg.name for arg in base_init.args.args)
-        skippable_names.update(arg.name for arg in base_init.args.kwonlyargs)
-
-    return prev_pos_only, prev_kw_only
+        pos_only, kw_only = base_init.args._get_arguments_data()
+        for posarg, data in pos_only.items():
+            if posarg in skippable_names:
+                continue
+            # if data[1] is None:
+            #     if all_have_defaults and pos_only_store:
+            #         # TODO: This should return an Uninferable as this would raise
+            #         # a TypeError at runtime. However, transforms can't return
+            #         # Uninferables currently.
+            #         pass
+            #     all_have_defaults = False
+            pos_only_store[posarg] = data
+
+        for kwarg, data in kw_only.items():
+            if kwarg in skippable_names:
+                continue
+            kw_only_store[kwarg] = data
+
+    pos_only, kw_only = "", ""
+    for pos_arg, data in pos_only_store.items():
+        pos_only += pos_arg
+        if data[0]:
+            pos_only += ": " + data[0]
+        if data[1]:
+            pos_only += " = " + data[1]
+        pos_only += ", "
+    for kw_arg, data in kw_only_store.items():
+        kw_only += kw_arg
+        if data[0]:
+            kw_only += ": " + data[0]
+        if data[1]:
+            kw_only += " = " + data[1]
+        kw_only += ", "
+
+    return pos_only, kw_only
 
 
 def _generate_dataclass_init(
@@ -282,7 +297,7 @@ def _generate_dataclass_init(
         params_string += ", "
 
     if prev_kw_only:
-        params_string += "*, " + prev_kw_only + ", "
+        params_string += "*, " + prev_kw_only
         if kw_only_decorated:
             params_string += ", ".join(params) + ", "
     elif kw_only_decorated:
diff --git a/astroid/nodes/node_classes.py b/astroid/nodes/node_classes.py
index a4686688b..2f515dbe9 100644
--- a/astroid/nodes/node_classes.py
+++ b/astroid/nodes/node_classes.py
@@ -834,6 +834,75 @@ def format_args(self, *, skippable_names: set[str] | None = None) -> str:
             result.append(f"**{self.kwarg}")
         return ", ".join(result)
 
+    def _get_arguments_data(
+        self,
+    ) -> tuple[
+        dict[str, tuple[str | None, str | None]],
+        dict[str, tuple[str | None, str | None]],
+    ]:
+        """Get the arguments as dictionary with information about typing and defaults.
+
+        The return tuple contains a dictionary for positional and keyword arguments with their typing
+        and their default value, if any.
+        The method follows a similar order as format_args but instead of formatting into a string it
+        returns the data that is used to do so.
+        """
+        pos_only: dict[str, tuple[str | None, str | None]] = {}
+        kw_only: dict[str, tuple[str | None, str | None]] = {}
+
+        # Setup and match defaults with arguments
+        positional_only_defaults = []
+        positional_or_keyword_defaults = self.defaults
+        if self.defaults:
+            args = self.args or []
+            positional_or_keyword_defaults = self.defaults[-len(args) :]
+            positional_only_defaults = self.defaults[: len(self.defaults) - len(args)]
+
+        for index, posonly in enumerate(self.posonlyargs):
+            annotation, default = self.posonlyargs_annotations[index], None
+            if annotation is not None:
+                annotation = annotation.as_string()
+            if positional_only_defaults:
+                default = positional_only_defaults[index].as_string()
+            pos_only[posonly.name] = (annotation, default)
+
+        for index, arg in enumerate(self.args):
+            annotation, default = self.annotations[index], None
+            if annotation is not None:
+                annotation = annotation.as_string()
+            if positional_or_keyword_defaults:
+                defaults_offset = len(self.args) - len(positional_or_keyword_defaults)
+                default_index = index - defaults_offset
+                if (
+                    default_index > -1
+                    and positional_or_keyword_defaults[default_index] is not None
+                ):
+                    default = positional_or_keyword_defaults[default_index].as_string()
+            pos_only[arg.name] = (annotation, default)
+
+        if self.vararg:
+            annotation = self.varargannotation
+            if annotation is not None:
+                annotation = annotation.as_string()
+            pos_only[self.vararg] = (annotation, None)
+
+        for index, kwarg in enumerate(self.kwonlyargs):
+            annotation = self.kwonlyargs_annotations[index]
+            if annotation is not None:
+                annotation = annotation.as_string()
+            default = self.kw_defaults[index]
+            if default is not None:
+                default = default.as_string()
+            kw_only[kwarg.name] = (annotation, default)
+
+        if self.kwarg:
+            annotation = self.kwargannotation
+            if annotation is not None:
+                annotation = annotation.as_string()
+            kw_only[self.kwarg] = (annotation, None)
+
+        return pos_only, kw_only
+
     def default_value(self, argname):
         """Get the default value for an argument.
 
diff --git a/tests/unittest_brain_dataclasses.py b/tests/unittest_brain_dataclasses.py
index 7d69b3591..a65a8dec0 100644
--- a/tests/unittest_brain_dataclasses.py
+++ b/tests/unittest_brain_dataclasses.py
@@ -918,6 +918,7 @@ def test_dataclass_with_multiple_inheritance() -> None:
     """Regression test for dataclasses with multiple inheritance.
 
     Reported in https://github.com/PyCQA/pylint/issues/7427
+    Reported in https://github.com/PyCQA/pylint/issues/7434
     """
     first, second, overwritten, overwriting, mixed = astroid.extract_node(
         """
@@ -991,6 +992,75 @@ class ChildWithMixedParents(BaseParent, NotADataclassParent):
     assert [a.name for a in mixed_init.args.args] == ["self", "_abc", "ghi"]
     assert [a.value for a in mixed_init.args.defaults] == [1, 3]
 
+    first = astroid.extract_node(
+        """
+    from dataclasses import dataclass
+
+    @dataclass
+    class BaseParent:
+        required: bool
+
+    @dataclass
+    class FirstChild(BaseParent):
+        ...
+
+    @dataclass
+    class SecondChild(BaseParent):
+        optional: bool = False
+
+    @dataclass
+    class GrandChild(FirstChild, SecondChild):
+        ...
+
+    GrandChild.__init__  #@
+    """
+    )
+
+    first_init: bases.UnboundMethod = next(first.infer())
+    assert [a.name for a in first_init.args.args] == ["self", "required", "optional"]
+    assert [a.value for a in first_init.args.defaults] == [False]
+
+
+@pytest.mark.xfail(reason="Transforms returning Uninferable isn't supported.")
+def test_dataclass_non_default_argument_after_default() -> None:
+    """Test that a non-default argument after a default argument is not allowed.
+
+    This should succeed, but the dataclass brain is a transform
+    which currently can't return an Uninferable correctly. Therefore, we can't
+    set the dataclass ClassDef node to be Uninferable currently.
+    Eventually it can be merged into test_dataclass_with_multiple_inheritance.
+    """
+
+    impossible = astroid.extract_node(
+        """
+    from dataclasses import dataclass
+
+    @dataclass
+    class BaseParent:
+        required: bool
+
+    @dataclass
+    class FirstChild(BaseParent):
+        ...
+
+    @dataclass
+    class SecondChild(BaseParent):
+        optional: bool = False
+
+    @dataclass
+    class ThirdChild:
+        other: bool = False
+
+    @dataclass
+    class ImpossibleGrandChild(FirstChild, SecondChild, ThirdChild):
+        ...
+
+    ImpossibleGrandChild() #@
+    """
+    )
+
+    assert next(impossible.infer()) is Uninferable
+
 
 def test_dataclass_inits_of_non_dataclasses() -> None:
     """Regression test for __init__ mangling for non dataclasses.