Microsoft's Xbox has not given up on the idea of acquiring Nintendo, even two decades after its initial attempt was met with laughter by the Japanese gaming giant, according to recently leaked documents from the Federal Trade Commission's (FTC) case against Microsoft.

These documents reveal a 2020 email sent by Xbox chief, Phil Spencer, expressing his ongoing interest in buying Nintendo.

In his email, Spencer stated that attaining Nintendo would be an impressive career highlight and, he believed, beneficial for both businesses. He noted the importance of Nintendo for Xbox's gaming aspirations and argued that Nintendo's future lies beyond its own gaming hardware.

This email also detailed conversations that Spencer held with Nintendo's leadership team regarding closer collaborations. But he acknowledged that Nintendo, sitting comfortably with a large cash reserve and a board of directors uninterested in increasing market growth or stock value, is a tricky company to acquire.

Additionally, Spencer wrote about potentially buying Valve and Warner Brothers Interactive, albeit with IP ownership being an issue for the latter. He also mentioned Microsoft's then-future acquisition of ZeniMax, Bethesda's parent company.

Keep in mind, this email was sent three years ago, and it is unclear whether Microsoft is currently still interested in buying Nintendo. Nonetheless, the possibility of such an acquisition is a repeated theme in the company's history and could make headlines again in the future.