Lenovo’s top executive in Europe is dismissing rumors that the world’s No. 2 PC maker might acquire struggling mobile phone manufacturer Nokia.

“This must be a joke,” Gianfranco Lanci, who runs Lenovo’s operations in Europe, Middle East and Africa, told Reuters. “There’s nothing ongoing.”

Lenovo, the world’s No. 2 PC maker, operates its executive headquarters in Morrisville.

The company manufactures and sells its own smartphones in China.

Nokia shares had climbed 17 percent as the Lenovo rumors circulated, Reuters noted.

Reuters did note that Lenovo does have cash and cash equivalents to make a deal at $3.8 billion.

Nokia declined comment.