Israel’s flavors and fragrance company Frutarom is said to have become an acquisition target for foreign investors, with Calcalist financial website naming US company International Flavors & Fragrance company as one potential buyer.

While the second interested party has not been named, reports by website TheMaker suggest it could be flavors and fragrance company Symrise.

Responding to reports, Frutarom released a statement to say it had not come reached an agreement with any companies, however, shares of the company were up 9.8 percent in morning trade in Tel Aviv.

The statement to Tel Aviv Stock Exchange continued, “The company has not reached any agreements with any party regarding a deal and there is no certainty that such talks will lead to an agreement for a deal or what the terms would be. The company continues to focus on achieving its business targets.”

With Frutarom currently valued at $5.5 billion, any deal is expected to be worth $6-$6.5 billion.