News 

'Apple has never made any offer to invest in or acquire a major music company,' said Jobs. 'The press statements this morning attributed to Vivendi [owner of UMG] board member Claude Bebear are untrue, as Mr Bebear has confirmed in a later report. Beyond these comments, we will abide by Apple's policy of not commenting on rumours.'

The statement is carefully worded to ensure that no future deal is ruled out.

Jobs statement may be an attempt to reassure Apple's investors. Reports that Apple was looking into the prospect of buying Universal Music appeared to worry Wall Street as Apple's share price dropped to a five-year low.