Axalta Coating Systems is confirming talks are taking place for a possible acquisition by Nippon Paint, following the ending of a potential merger of equals transaction last week with AkzoNobel.

"Axalta confirmed it is engaged in discussions with Nippon Paint regarding a potential acquisition of Axalta," said a statement from the coatings supplier.

"Axalta will pursue such a transaction only if its board of directors determines it is in the best interest of Axalta to do so. There can be no assurances a definitive agreement between the parties will be reached or on what terms."

Last week, Axalta noted talks with AkzoNobel had finished as the companies were unable to reach mutually agreeable terms.

Axalta provides solutions for LCVs light vehicles and refinish applications to electric motors, building facades and other industrial applications.

With more than 150 years of experience in the coatings industry, Axalta employs 13,300 staff.