Samsung Not Planning BlackBerry (BBRY) Acquisition: Report

Samsung Electronics Co.’s co-chief executive confirmed Monday that while the South Korean company is in talks about increasing the use of Blackberry (BBRY) technology in its devices, it does not want to acquire the Canadian handset maker.

“We want to work with BlackBerry and develop this partnership, not acquire the company,” J.K. Shin, who heads Samsung’s mobile-phone business, said in a statement to The Wall Street Journal, noting that an acquisition of BlackBerry would be counter to the Samsung’s strategy.

Last week, the two companies officially denied market reports that they had been involved in talks over a possible takeover deal. BlackBerry stock shot up nearly 30% on the news, printing its biggest gain in more than a decade. It fell 17 percent the following day though after it denied it was a target for a takeover.

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