Kuwait’s sovereign wealth fund, the Kuwait Investment Authority (KIA), has denied holding talks to invest in supplier Continental.

“The Kuwait Investment Authority announced that recent news regarding talks with German auto parts supplier Continental AG was incorrect and baseless,” KIA said in a statement cited by Reuters.

German business weekly WirtschaftsWoche had said on Saturday the parts maker was in talks with KIA over possible investment.

The report boosted Continental shares on Monday but they fell on Tuesday.