The £17 billion ($41.9 billion) bid by UK insurance giant Aviva to take over Prudential has been withdrawn after Prudential refused to enter into talks.

Aviva said in a statement that it wasn’t in its shareholders best interests to raise the initial bid while Prudential was set on remaining as an independent insurer.

Prudential’s board continues to have full confidence in the company’s independence. The failed outcome of the takeover has drawn greater attention to the company by Italian insurer Assicurazioni Generali and Paris-based Axa, both of which are looking for international acquisitions.