Samsung co-CEO quashes Blackberry acquisition rumours

After the media reported last week that Samsung was in talks with Blackberry over the possible takeover of the Canadian telecommunications company, the Korean tech giants made a clear and concise statement on the matter on Monday.

In short – they’re not buying Blackberry. They want to work with that company and improve their partnership, but will not be buying it.

That’s what the company’s co-CEO and mobile chief JK Shin told Wall Street Journal.

“We want to work with BlackBerry and develop this partnership, not acquire the company”, said JK Shin.

Five days ago, Reuters published an exclusive story, claiming Samsung was in talks with Blackberry about a possible buyout worth $7.5 billion (£4.6b).

They said they got the information from “a person familiar with the matter and documents seen by Reuters”.

The motive behind the alleged buyout lies in the various patents Blackberry has, which could help Samsung in its never-ending legal battle with Apple.

Rumours of a possible acquisition of Blackberry have been around for years, especially as the Canadian company struggles for survival in the harsh smartphone market.

After the news about a possible buyout emerged, the price of Blackberry’s stocks rose almost 30 per cent, but as soon as both Blackberry and Samsung’s representatives denied it, they fell 15 per cent.

Samsung is separately in talks with BlackBerry to extend the scope of its cooperation, including the potential use of BlackBerry technology in Samsung devices, the company said.

It didn’t elaborate on the potential extension of its agreement.