The German retailer Rewe has moved to quash speculation it is looking to sell off some of its business units.

A spokesperson was quoted by the news agency Reuters saying: “We are not in any talks to sell anything but rather to buy companies.” He added that the company was on an expansion path.

The comments come after a German magazine manager magazine reported that Rewe had rejected a billion-euro takeover bid for its non-core businesses from private equity firm KKR.

Reuters reported that sources claimed KKR had made a joint approach to Rewe with German supermarket chain Edeka, which had been rejected.

Rewe has been in expansive mood of late. Earlier this month, Belgium-based retail group Delhaize completed the sale of its Czech business to the German retailer. The company is also rumoured to be looking to expand its bulk cash and carry stores, Selgros, into Russia.