Akzo Nobel, the Dutch maker of paints and coatings, confirmed on Monday it was in talks to buy U.S. coatings maker Axalta Coating Systems Ltd.

Akzo said in a statement the companies were in “constructive talks” but there was no guarantee they would come to a successful conclusion.

It said it would dispose of its chemicals division as planned.

Reuters reported on Friday the companies were in talks, sending Axalta’s shares 17 percent higher.