Canadian Solar energy company denied Chinese media reports that China Offshore Oil Co. , Ltd (CNOOC)
Negotiations are underway to acquire the solar panel maker, cutting the 31% increase in share prices in pre-market trading.
"Solar Canada is currently not in discussions with CNOOC about potential strategic deals between the two companies," the company's spokesperson said in an email . ".
The China Business News reported for the first time in April 14 that CNOOC was negotiating the acquisition of Canadian Solar, which is based in Canada, but most of its business is in China.
Canadian Solar shares are listed on Nasdaq.
CNOOC could not immediately comment on the reports.
Like everyone else in the solar industry, solar energy in Canada has been hurt by the sharp drop in the price of solar panels, because the equipment used to turn sunlight into electricity is oversupply.
The company's share price, down about 70% from its last June High, is now worth $0. 143 billion.
Canadian Solar shares erased some of the pre-market gains, but still rose nearly 12% at $3. 68 per share.