Infineon Technologies AG, the German semiconductor company, is close to final negotiations for acquiring an American semiconductor company for approximately $2 billion, Bloomberg reported Wednesday.

Infineon (FRA:IFXA) has increased its profits in each of the past four quarters, reaching a net cash of 2.1 billion euros ($2.8 billion) at the end of the June. Previous reports have indicated that U.S. companies including Power Integration Inc. (NASDAQ:POWI), Fairchild Semiconductor International Inc. (NASDAQ:FCS) and Semtech Corp. (NASDAQ: SMTC) have all been considered as Infineon takeover targets.

A deal could be reached announced as soon as Wednesday, Bloomberg reported, although the unnamed sources stressed that such a deal could still fall apart.

“We do not comment on market rumors,” an Infineon spokesman told Reuters.

Shareholders have long called upon Infineon CEO Reinhard Ploss to use the company’s cash to either acquire a growing business or return it to investors. The Bloomberg report depressed shares in early trading Wednesday, but they recovered by the close.