LONDON (AP) — Dutch chemicals and paints maker AkzoNobel says it has ended talks on a possible merger of its paints and coatings business with Philadelphia-based Axalta.

AkzoNobel said Wednesday it would focus on increasing profitability independently instead. CEO Thierry Vanlancker said he is "confident that our strategy offers significant value for shareholders."

Axalta Coating Systems CEO Charles Shave said discussions ended when the firm realized it "could not negotiate a transaction on terms that meet our criteria."

Earlier this year, AkzoNobel rejected repeated takeover bids by American rival PPG Industries, with the last worth $28.8 billion.

Axalta, meanwhile, has a market value of $8.2 billion.