The co-chief executives at SAP are adamant that there is no take over in the pipeline. A HP buy out of the business software company is not needed explained Jim Hagemann and Bill McDermott as sales have been strong since their arrival.

“We get to the point where we appreciate the compliment that we are a jewel in the crown, but we do have some swagger on our own.” Said McDermott who pointed out that HP are only 7bn euros ahead of SAP now (since SAP improved in market capitalisation).

Analysts and industry insiders believed a take over may be on the cards due to poor performance, which could result in SAP’s elderly founders selling their 24 per cent of the company.

Also, Leo Apotheker left SAP when financial results and customer satisfaction were low. Once at HP, he announced a push into software, which, fuelled acquisition rumours further.

SAP director, John Antunes, dismisses the rumours totally, but Gartner analyst, Donald Feinburg, is not so convinced.

“The co-executives don’t normally do press interviews so I am sceptical in that there may be something behind this. HP could have approached SAP,” he said. However, Feinburg does admit that the companies’ valuations in market capitalisation are close, and so, “it would be a stretch.”