The flirtation between Axalta and AkzoNobel appears to have fizzled.

After mulling a possible “merger of equals,” the paint makers announced that they were unable to come to “mutually agreeable terms.”

“After pursuing a potential combination of Axalta and Akzo, we concluded we could not negotiate a transaction on terms that meet our criteria,” said Charles Shaver, chairman and CEO of Philadelphia-based Axalta. “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.”

Axalta Coating Systems “continues to pursue other value-creating alternatives,” the company added in a news release.

Amsterdam-based AkzoNobel said the company’s plan to divest its Specialty Chemicals business and return most of the net proceeds to shareholders remains on track.

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