Rumors about a possible acquisition of the largest PC-maker in Brazil became so intense Thursday that Lenovo’s chairman and board felt compelled to issue a statement about it.

However, Lenovo Chairman Yang Yuanqing ruled a deal for Brazil-based Positivo neither in nor out.

"The directors confirm that the company has certain preliminary discussions with independent third parties regarding potential investment opportunities and acquisitions," the company said in a statement signed by Yang.

Lenovo shares surged 27 percent in value on Wednesday in Hong Kong, where they trade. They declined modestly on Thursday.

Most Lenovo operations are based in China, where the statement was issued, but Lenovo’s global headquarters is in Morrisville.

An analyst told The Financial Times that a deal for Positivo seemed to make sense for Lenovo.

”Lenovo has said an acquisition target should be in a segment they are not strong in and in a market that they don’t have yet, and Positivo Informatica meets these criteria,” said Jenny Lai, a PC analyst for Greater China, told the newspaper.

Rumors that Lenovo and Dell, the No. 2 PC- maker, might acquire Positivo have circulated for several days. A Brazilian newspaper reported that Lenovo officials visited Brazil on Dec. 6 to discuss a possible deal.

Positivo dominates computer sales in Brazil, and Lenovo Chief Executive Officer William Amelio said earlier this week that the company plans to focus growth efforts in emerging markets.

A deal for Positivo could cost Lenovo as much as $2 billion, according to reports.

Lenovo has been foiled in recent acquisition attempts, such as a potential buy of Europe-based Packard Bell. Acer bought Packard Bell after scooping up U.S.-based Gateway and vaulted past Lenovo into the world’s No. 3 PC spot behind Dell and No. 1 HP.

Dow Jones Newswires reported earlier this week that Lenovo had approached Fujitsu about possibly acquiring the joint venture PC business of Fujitsu and Siemens. Fuijitsu’s chief financial officer was cited as the source of that report.

Fujitsu recently disclosed plans to acquire Siemens’ share of the joint venture.

On Tuesday, Amelio said at a press conference that consolidation will happen “soon” in the global PC industry. However, he declined comment on the Positivo rumors.

“With equity values down significantly, there will be consolidations in this industry,” Amelio said in Shanghai, according to the news service Bloomberg.

Amelio also said Lenovo might have to make further job cuts as the global economy slows.

"All ideas are on the table," he said when asked about possible layoffs and restructuring, according to Reuters.

Lenovo recently cut 50 jobs at its Morrisville headquarters.

The PC maker reported a sharp drop in earnings for the third quarter, and Amelio said the economy is getting worse, especially in China where the company was born and is the market leader.

"In the course of the last several quarters, we saw first India slow down as a nation, then PC shipments as well, and Russia. Now China has slowed down significantly, and that has a big impact on our growth rate overall," Amelio said.

Lenovo, which recently launched a server business line, will expand its product lines and also focus on what Amelio called “emerging markets” for future growth, according to Channel News Asia.

"I see us having a bigger participation in the emerging markets and the growth that is in emerging markets,” Amelio said.

"I think you’ll see us migrate not just from PC client, but to workstations and servers across the spectrum of all countries, but really having a dominant focus on the emerging markets."