Samsung denies report it plans to buy NXP Semiconductors

South Korea-based Samsung Electronics on Thursday denied reports that it is exploring an acquisition of NXP Semiconductors.

The technology giant responded to PumaX, a financial news service in South Korea, disputing that it has considered an acquisition of NXP.

Despite Samsung's denial, NXP's share price rose Thursday morning.

"(Vice President) Ahn Jung-hyun's trip to the United States is for business negotiations with its subsidiary, Harman, and it has nothing to do with acquisitions," Samsung told PumaX in a quote translated by The Street. "Sohn Young-kwon, president and CEO of NXP, has been in the same company in the past, so I have had a lot of personal meetings, and I nothing to do with mergers and acquisitions."

Samsung has had operations in Austin since 1997, and the company has invested more than $17 billion in its Central Texas operations over the years. The company employs nearly 3,000 workers in Austin.

In November, Samsung Austin Semiconductor said it plans to invest $291 million and retain 500 jobs in Central Texas.

The Austin City Council approved a resolution designating the company as an enterprise zone project under the Texas Enterprise Zone designation, which would allow Samsung to get a refund on its state sales and use tax. The Governor’s Office of Economic Development and Tourism has the final say on the designation.

Dutch chipmaker NXP also has significant operations in Austin, with about 4,000 employees here. NXP entered the Austin market in 2016, when it acquired Austin-based Freescale Semiconductor in a cash and stocker merger worth more than $11 billion.

NXP's Austin operation is the company's largest U.S. facility.