Samsung Electronics denies report of talks to buy French audio maker Focal

The logo of Samsung Electronic is seen at its headquarters in Seoul, South Korea, April 4, 2016. REUTERS/Kim Hong-Ji/File Photo

SEOUL (Reuters) - Samsung Electronics Co Ltd said on Monday a South Korean media report that the firm was in talks to acquire French audio equipment maker Focal for up to 300 billion won ($265.44 million) was not true.

South Korea’s Financial News newspaper, citing unnamed sources, said earlier talks between the two firms are in final stages and that Samsung plans to complete the acquisition by the year-end.

“The report from Financial news on acquisition of the French audio equipment maker, Focal, is not true,” Samsung, which is battling a crisis with the discontinuation of the Galaxy Note 7 smartphones, said in a statement, without elaborating further.

Focal could not be immediately reached for comment.

($1 = 1,130.1900 won)

Reporting by Se Young Lee; Editing by Muralikumar Anantharaman