March 18 (Bloomberg) -- International Business Machines Corp. is in talks to buy Sun Microsystems Inc., the Wall Street Journal reported, citing people familiar with the matter.

IBM may pay at least $6.5 billion, 100 percent more than Sun’s closing price of $4.97 a share on Tuesday, the report said, citing the people. An agreement may not be reached, the newspaper said.

An acquisition of Sun Microsystems would bolster IBM’s Internet, data storage, government and telecommunications business, the newspaper said, citing the people.

In recent months, Sun Microsystems has contacted a number of technology companies with the aim of being acquired, people familiar with the matter said, according to the newspaper. Hewlett-Packard Co. declined the offer, the newspaper reported, citing a person briefed on the matter.

Arlene Wainstein, a spokeswoman for IBM in Paris, said it’s company policy not to comment on reports. Sun’s Tokyo-based spokeswoman Miwa Tokumasu wasn’t immediately available for comment.

To contact the reporter on this story: Robert Valpuesta in London at rvalpuesta@bloomberg.net.

Last Updated: March 18, 2009 03:42 EDT