There is “no truth” to a report that Target and Kroger are in merger talks, a source close to the matter tells CNBC.

Shares in both companies surged in early trading Friday after Fast Company reported the two were discussing a deal, citing several people with knowledge of the matter.

The report said the two companies first started discussing a partnership last summer, but decided to “a merger is the best path forward.”

Target shares were up 3 percent in Friday’s premarket session, while Kroger stock rose 8 percent initially on the report.

The two have had meetings over a Shipt partnership, the source did tell CNBC.

Kroger and Target did not immediately respond to requests for comment.

This story is developing. Please check back for updates.

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