Shell has denied it is in talks to acquire rival BP after months of speculation about a deal that would combine the UK’s two biggest oil companies. “No talks are taking place,” said a Shell spokesperson, who added that the company has repeatedly said it is focused on its own performance, rather than growing through a major acquisition.

Shell said “no talks are taking place” for a potential mega-merger with rival BP that would cost more than $80 billion and represent the biggest energy deal of the century. The denial comes on the heels of The Wall Street Journal reporting June 25 that Shell is in early talks to acquire BP in a much-rumored deal.

Shell is in early talks to buy rival BP, the Wall Street Journal reported Wednesday, citing people familiar with the matter. BP’s American depository shares were up 6.5%, while Shell’s were down 3.3%.