The head of Japan's Suzuki Motor Corp (7269.T) said he has had no contact with Volkswagen AG (VOWG.DE), shooting down a report last week that the German auto giant was considering a 10 percent stake in Suzuki, a Japanese newspaper said.
So far there's been absolutely no contact (with Volkswagen), Chief Executive Osamu Suzuki was quoted as telling the Chunichi Shimbun daily.
Lately, we've been the victim of a lot of rumours (of equity tie-ups and cooperation deals), the newspaper quoted him as saying in a report on Saturday.
A Suzuki spokesman said he could not confirm the CEO's comments.
A source familiar with the matter had told Reuters on Thursday that Volkswagen was exploring a deal to cooperate with Suzuki to boost its presence in ultra-small cars, and German publication manager magazin said Volkswagen could secure such a deal by taking a 10 percent stake. [ID:nT313889]
The news had pushed Suzuki's shares up 5.5 percent on Friday. They ended down 2.5 percent on Monday at 2,140 yen, roughly in line with a fall in other Japanese auto stocks.