Italy’s Moncler is not in talks to take over Burberry, four sources close to the matter said on Monday in response to a report by Britain’s Mail on Sunday that a bid by Moncler was imminent.

Shares in the British luxury brand reversed course after the Reuters report, and were last down 2.2%. The stock was up more than 3% early on Monday on the back of the Mail on Sunday report, the second in a week saying Moncler was preparing a bid.

Burberry will report half year results on Thursday. New CEO Joshua Schulman is expected to announce a strategy update after the brand suffered significant sales declines.