Samsung Electronics Co.'s co-chief executive says the company wants to develop its partnership with BlackBerry Ltd., but has no intention of acquiring the Canadian handset maker, according to the Wall Street Journal.

J.K. Shin, co-CEO of Samsung in change of its mobile phone business, said in a statement, "We want to work with BlackBerry and develop this partnership, not acquire the company."

Last week, Reuters reported that Samsung approached the Canadian company about a possible $7.5-billion (U.S. ) acquisition.

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BlackBerry denied the report.

"BlackBerry has not engaged in discussions with Samsung with respect to any possible offer to purchase," the company said in a statement.

The initial report sent BlackBerry shares soaring more than 30 per cent, while the company's denial plunged the shares 20 per cent in heavy trading.