Samsung denies interest in buying Best Buy stake

An official communique sent to us from Best Buy says that the rumored acquisition of a stake in the big box retailer by Samsung is false. On Friday, a report from Korea quoted the Korean tech titan's heir apparent, Lee Jae-yong as saying that, "I recently met with senior executives at BestBuy and discussed pending business issues". That rather innocent statement spawned speculation that Samsung was buying a stake in Best Buy.

Not that Best Buy couldn't use a deep pocketed partner. Earlier this year, company founder Richard Schulze was working on plans to re-acquire his brain child, but a deal could not be worked out. The company's shares have recently risen by 25% which has spurred rumors that some entity or person was interested in Best Buy.

Samsung's official blog parroted the statement we received from Best Buy denying any acquisition talks between the two companies. And just like that, another rumor goes up in smoke.


source: BestBuy