Speculation about a potential merger Schneider Electric and Bentley Systems were thwarted May 22 when Schneider stated that discussions with Bentley have been “mutually terminated.”

It follows an April 19 statement from the company that confirmed both sides were in preliminary talks about a potential strategic transaction. Such a deal would’ve likely involved a merger of Schneider’s software business with Bentley — an engineering software provider based in Exton, PA. At that time, Bentley had an estimated market value of about $15.6 billion.

“Schneider Electric remains focused on its consistent capital allocation priorites. Regarding inorganic development, the Group maintains that it will remain agile and opportunistic,” Schneider’s May 22 statement read. “However, the Group reiterates the need for a disciplined approach to value creation for stakeholders in any potential strategic transaction. The Group will not provide further details regarding the preliminary discussions or proposed transaction.”