UPDATE: Cisco Systems (CSCO) Said Mulling Potential Bid for Ericsson (ERIC); Speculation Rejected by Cisco

(Updated - November 13, 2015 3:45 PM EST)

(Updated - November 13, 2015 3:26 PM EST)

Cisco Systems (NASDAQ: CSCO) said seeking to acquire Ericsson (Nasdaq: ERIC), according to Bloomberg, citing Dagens Industri.

UPDATE - Ericsson was said to present an intellectual property cooperation presentation to Cisco on Monday.

Former Cisco Executive Chairman John Chambers was also at an event Tuesday and made a speech alongside Ericsson CEO Hans Vestberg about the two companies cooperating.

But, Chambers was also said to be coaxing top executives at Ericsson about a potential takeover of the company.

Cisco acquiring Ericsson would be the largest deal in Swedish history, the report noted.

One source said Cisco's per share takeover bid far outpaces what Ericsson can achieve as a standalone company.

Whether or not Cisco with attempt a hostile takeover of Ericsson is still up in the air.

UPDATE 2 - Cisco is rejecting speculation that it might move to acquire Ericsson, according to a company spokesperson. The company said it its focused on a partnership with Ericsson.

Shares of Ericsson are up 4 percent Friday afternoon.

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