AMSTERDAM - Paint and coatings manufacturer AkzoNobel announced that it has ended discussions with Philadelphia-based Axalta Coating Systems. In response to market speculation, the company confirmed on Oct. 30, 2017, that it was in discussions with Axalta regarding a potential merger of AkzoNobel Paints and Coatings with Axalta. In the announcement, AkzoNobel stated that the two companies had ended their discussions without agreement.

Additionally, AkzoNobel stated that the separation of the AkzoNobel Specialty Chemicals business and return of the vast majority of the net proceeds to shareholders remain on track.

Thierry Vanlancker, CEO of AkzoNobel, said, "I am confident that our strategy offers significant value for shareholders and other stakeholders in the short, medium and long term. We remain focused on our strategic options to continue to develop our business and improve profitability in the future."