Fujitsu and Toshiba on Wednesday denied a media report that they are in talks on forming a chip business tie-up.

The Japanese daily Yomiuri said in its Wednesday morning edition that Toshiba plans to acquire a majority stake in Fujitsu's semiconductor-making unit. The two firms are aiming to reach an agreement by autumn this year, according to the paper.

But Fujitsu said in a statement that the company is not considering such a plan. Toshiba also denied the newspaper report in a separate statement.