(DEALBOOK.NYTIMES) — The Coca-Cola Company denied on Monday being in talks to buy the Monster Beverage Corporation, after rumors of negotiations between the two had pushed the energy drink maker’s shares up earlier in the day.

“At this time, we are not in discussions to acquire the Monster Beverage Corporation,” Coca-Cola said in a statement. The soft drink giant says it has an existing distribution relationship with Monster in several markets and frequently holds discussions with its partner on commercial ventures.

Coca-Cola added, “We continue to review the best ways to maximize the value of our relationship.”

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