Coca-Cola Co. said it is not in talks to acquire Monster Beverage Corp, disputing a Wall Street Journal article on Monday that said it was in discussions to buy the energy drink maker.

Monster shares closed down less than 1 percent, after rising as much as 28 percent to an all-time high after the Journal report.

In a statement, the world's largest soft drink maker said it has a distribution relationship with Monster and that it is always trying to "maximize the value" of those arrangements.

"At this time, we are not in discussions to acquire the Monster Beverage Corp. We continue to review the best ways to maximize the value of our relationship," Coke said in a statement.

A Monster spokeswoman said it is the company's policy not to comment on rumors.

Coke and Monster had held talks last year that did not result in a transaction, according to two sources familiar with the situation.

The Wall Street Journal said Monster revived efforts to sell itself recently and that Coca-Cola decided to take a serious look and conduct due diligence.