Axalta Coating Systems recently confirmed that the previously announced talks with AkzoNobel have ended regarding a potential merger of equals transaction between Axalta and Akzo’s Paints and Coatings business.

An official statement from Axalta said that because the companies were unable to reach mutually agreeable terms, Axalta continues to pursue other value-creating alternatives.

“After pursuing a potential combination of Axalta and Akzo, we concluded we could not negotiate a transaction on terms that meet our criteria,” remarked Charles W. Shaver, Axalta’s Chairman and Chief Executive Officer.

“Any transaction we ultimately agree to needs to generate superior long-term value for Axalta shareholders as compared to the continued execution of our strategic plan.”