PSA Group has stated it is willing to consider potential business tie-ups with other companies following rumours that the French carmaker was in advanced talks with Tata Motors to acquire Jaguar Land Rover (JLR).

While the rumours have since been refuted, with both the PSA Group and Tata Motors denying such a deal was imminent, the reveal of an internal “post-sale integration document” did result in a brief spike of PSA Group’s share price. Said document was said to detail the potential benefits of the deal, including cost savings.

“As a matter of policy, we do not comment on media speculation, but we can confirm there is no truth to these rumors,” said a spokesperson for the Indian carmaker, which owns 100% of JLR, in a report by Reuters.

“On principle we are open to opportunities that could create long-term value for PSA Group and its shareholders,” said Alain Le Gouguec, a spokesman for the PSA Group.

The PSA Group recorded revenue of 74 billion euros in its FY 2018 – a 18.9% gain compared to 2017 – while selling 6.8% more cars at 3.88 million vehicles. This comes in spite of the ongoing integration of Opel/Vauxhall, which were acquired by the French company from General Motors in 2017.

It was suggested that JLR would leverage on PSA Group’s fuel-efficient technologies to ensure compliance with European emission regulations. The rumoured deal was also hyped in light of JLR’s loss of 273 million pounds during the three-month period ending December 31, 2018, which also saw a one-off accounting charge of 3.1 billion-pound write-down on the value of its investments.