South Korean electronics giant, Samsung Electronics has dismissed repots suggesting it will acquire Research In Motion (RIM), the maker of the popular BlackBerry family of smartphones.

The reports suggesting a possible buyout by Samsung resulted in a 8 percent increase share prices of Canada Based RIM. James Chung, a Seoul-based spokesman for Samsung pointed out that the company has never considered the possibility of acquiring RIM and there has been no contact between the firms.

He added that the company is also not interested in using RIM’s software through a licensing deal. The shares of RIM advanced to $17.47 in New York trading yesterday after reports suggested that Samsung may be interested in buying the company. The report by BGR blog said that the companies have not reached a deal because RIM is demanding a lot of money from Samsung.

RIM’s shares have lost 75 percent of their value last year after the company struggled to maintain its market share due to increased competition from Apple Inc. and Android-powered devices. Investment firm Jaguar Financial Corp has recommended that the RIM should split into separate companies, seek a buyer and shake up management.

A spokeswoman for RIM did not comment on the matter.