Smith & Nephew Not in Merger Talks

LONDON ( TheStreet) -- Smith & Nephew ( SNN) said Friday it isn't engaged in merger discussions.

Smith & Nephew said it was replying to "continued press speculation" about a merger or takeover of the company, a top European medical device maker.

"Smith & Nephew has a long-standing policy of not commenting on press speculation, unless there is a regulatory obligation to do so," the company said in a statement to the London Stock Exchange. "However, exceptionally, Smith & Nephew wishes to clarify that it is not engaged in any discussions which could lead to a merger or a takeover involving the Company."

Published reports Friday had Smith & Nephew involved in merger talks with U.S. orthopaedics company Biomet. And earlier this week, shares of Smith & Nephew rose on reports that Johnson & Johnson ( JNJ) made a takeover bid for the company last month that was rejected.

-- Written by Joseph Woelfel

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