Sony denies takeover bid of Apple

Sony Corp Chief Executive Nobuyuki Idei flatly denied rumors Friday that the company is seeking to takeover Apple, laughing off the rumor and telling the Reuters news service, "There is no such fact."

Speculation of a takeover circulated through the foreign exchange market on Friday. Idei quickly dismissed the rumors, saying "A similar rumor comes up every two or three years".

The rumor seems to creep out of its box every few years as Apple hits financial uncertainty. Apple announced in early December it would have even further losses than originally expected in its fiscal first quarter of between US$225 and $250 million on revenue of $1 billion -- some $600 million below its original forecast. The company will announce final quarterly results on January 17.

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