The head of Suzuki said he has had no contact with Volkswagen regarding a 10 per cent stake in the company as was reported in German newspaper Manager Magazine last week.
The report claimed Volkswagen was exploring a deal to cooperate with Suzuki to boost its presence in ultra-small cars.
"So far there's been absolutely no contact (with Volkswagen)," CEO Osamu Suzuki said. "Lately, we've been the victim of a lot of rumors (of equity tie-ups and cooperation deals)."
The news had pushed Suzuki's shares up 5.5 per cent on Friday. They ended down 2.5 per cent yesterday.
Suzuki CEO had no contact on VW stake