PPG Industries has confirmed that it will not will not make a formal bid for Dulux owner Akzo Nobel (AMS:AKZA), after weeks of takeover speculation.

In a statement on Thursday, the US paint maker said too many informal bids had been rejected by Akzo and that it would not be making another. Originally PPG has proposed a takeover deal worth around 26 billion euros.

At the beginning of May, Akzo’s board decided that PPG’s informal offer of $29 billion was insufficient and that the third bid did not value the company highly enough. Under Dutch takeover law, PPG cannot now approach Akzo for six months.

Akzo shares are currently trading down 1.15 percent at 73.6 (1136GMT).