Shares of Dutch paint manufacturer AkzoNobel fell 19% following the collapse of takeover discussions with potential acquirers Sherwin-Williams and Nippon Paint.

The two companies had been pursuing a $14.5 billion bid for AkzoNobel, which owns the Dulux paint brand among other well-known consumer and industrial coating products. The proposed acquisition would have represented one of the largest deals in the coatings industry.

Sherwin-Williams, the Cleveland-based paint company, and Japan's Nippon Paint Holdings had been working together on the potential acquisition. However, the companies announced they were ending their pursuit of AkzoNobel without providing specific details about why the talks broke down.

AkzoNobel is one of the world's largest paint and coatings manufacturers, with operations spanning decorative paints, performance coatings, and specialty chemicals. The company has been the subject of takeover speculation in recent years as the industry continues to consolidate.

The failed bid represents a significant setback for investors who had been anticipating a potential premium buyout. The sharp decline in AkzoNobel's share price reflects the market's disappointment that the takeover premium has been removed from the stock valuation.